Beijing, Chine (BBN)-Chinese markets rose on Tuesday, as investors ignored data that showed consumer inflation hitting a five-year low in January.
China’s inflation rose 0.8% from December, compared to forecasts of 1% – marking the weakest reading since November 2009, reports BBC.
The producer price index also missed forecasts, dropping 4.3% – marking its 35th consecutive monthly decline.
Despite the figures, the Shanghai Composite was up 0.7% at 3,117.46.
In Hong Kong, the Hang Seng index was higher 0.05% to 24,532.06.
China’s inflation has remained around five-year lows for the last few months, highlighting the persistent weakness in the world’s second largest economy.
GREEK WOES WEIGH
The rest of Asian markets traded lower as fears of a Greek debt default and exit from the eurozone escalated.
Investors were worried after Greece’s Prime Minister Alexis Tsipras vowed over the weekend to stand by his anti-austerity promises, raising fears of a default on $360bn (£236bn) of debt.
The Athens stock market closed down nearly 5%.
In Japan, the benchmark Nikkei 225 was down 0.8% at 17,573.51, while the dollar was at 118.43 yen from 118.64 yen in New York trade.
In Australia, shares headed lower after data showed that house prices grew below expectations in the last three months of 2014, compared with a year earlier.
Prices rose 6.8% against forecasts of a 7.1% increase and had grown 9% in the third quarter.
A monthly measure of Australian business conditions by National Australia Bank also stayed subdued in January as manufacturers reported tough times.
The S&P/ASX 200 was lower by 0.5% at 5,785.6.
South Korean shares were down after data showed that department store sales in January fell nearly 10% from a year ago, which is the most in a decade and worst on record.
Sales at the country’s top discount stores fell by 20.7% in January from a year earlier – marking the worst decline since February last year.
The benchmark Kospi index was down 0.4% at 1,939.46.
Wednesday, July 17, 2019