February 8
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Asia stocks mixed on Greek fears, China

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  • Asia stocks mixed on Greek fears, China

    thewall.com.au thewall.com.au | 9:32 am Feb 9, 2012

    Asian markets are mixed after marathon talks over Greece's massive debt ended without firm agreement and as China's annual inflation rate hit a three-month high.

    Sydney ended 0.18 per cent lower, dipping 7.80 points at 4,282.9, Tokyo lost 0.15 per cent, or 13.35 points, at 9,002.24, while Seoul added 0.54 per cent, or 10.89 points, at 2,014.62, closing at a six-month high for a second day.

    Hong Kong, which also hit a six-month high on Wednesday's Asian market rally, clawed back earlier losses to trade flat in the afternoon, while Shanghai shares inched up 0.09 per cent.

    Greek coalition leaders ended lengthy talks on austerity measures on Wednesday with one remaining point of disagreement - pensions cuts - keeping alive fears it may default, a result that would send shockwaves across the eurozone and beyond.

    Agreement on new measures demanded by the European Union, the International Monetary Fund and the European Central Bank and on a debt writedown by banks would open the way for a second Greek rescue package, and close a key chapter in the eurozone's debt crisis.

    The money is vital to prevent Greece from defaulting on 14.5 billion euros ($A17.88 billion) worth of payments to bond holders, due next month, as the country struggles under a 350-billion-euro debt mountain.

    Investors are now awaiting meetings of the European Central Bank and Bank of England on Thursday, with the focus firmly on what stand they will take on further stimulus for slowing regional economies.

    China said annual inflation hit 4.5 per cent in January, its highest level in three months, after slowing to 4.1 per cent in December as government efforts to curb bank lending and surging property prices took effect.

    The rise was mainly attributed to the Lunar New Year holiday last month.

    Retail spending typically soars during the festival, the most important celebration in the Chinese calendar, as consumers splash out on food, wine and gifts for family and friends.

    "The CPI (inflation) numbers will have a negative effect on the market. Continued high inflation means policy will continue to be tighter than the market had expected," Chen Wei, an analyst at China Minzu Securities, told Dow Jones Newswires.

    Before January, China's inflation had eased for five straight months after hitting a more than three-year high of 6.5 per cent in July and analysts said the downward trend would likely resume in February as the economy slowed.

    Anglo-Australian mining giant Rio Tinto meanwhile said its annual net earnings slumped 59 per cent to $US5.8 billion ($A5.39 billion) and its chief refused his bonus due to write-offs from its aluminium business.

    On Wall Street, the Dow Jones Industrial Average edged up 0.04 per cent by the close on Wednesday while the broad-based S&P 500 rose 0.22 per cent and the tech heavy Nasdaq Composite added 0.41 per cent.

    The euro was under pressure in Asian trade, hitting $1.3215 against the US dollar before gaining ground to change hands at $1.3298 and 102.66 yen, from $1.3260 and 102.14 yen in New York late Wednesday.

    The US dollar was at 77.18 yen, edging up from 77.03 yen in New York.

    New York's main oil contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, gained 22 cents to $99.15 a barrel while Brent North Sea crude for March shed 45 cents to $116.95.

    Gold was at $1,738.60 an ounce at 0725 GMT (1825 AEDT) against $1,732.00 in New York.

    Taiwan shares rose 0.52 per cent, or 40.87 points, at 7,910.78.

    Smartphone maker HTC gained 4.01 per cent at Tw$570.0 while Hon Hai Precision was 1.97 per cent higher at Tw$103.5.

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