AFP/Tokyo
Asian markets mostly rose yesterday as data showing China’s output slowed and inflation hit a two-and-a-half-year low lifted hopes for fresh easing measures to boost the world’s number two economy. However, weak European data dented recent optimism, while Wall Street and European traders provided an anaemic lead after a three-day rally on central bank stimulus hopes lost momentum. Hong Kong climbed 1.02%, or 203.95 points, to 20,269.47 while Shanghai added 0.61%, or 13.11 points, to 2,174.10. Tokyo climbed 1.10%, or 97.44 points, to 8,978.60 and Seoul gained 1.96%, or 37.36 points, to 1,940.59 but Sydney eased 0.10%, or 4.3 points, to 4,308.3. China said yesterday that its consumer price index rose 1.8% year on year in July, in line with forecasts but down from 2.2% in June and its slowest pace since January 2010. The figures indicate Beijing—which has cut interest rates twice this year and lowered the amount of cash banks must keep in reserve—has more room to loosen monetary policy to kickstart the slowing economy. Later the National Bureau of Statistics said that the country’s factories, workshops and mines saw a slowdown in output in July. Industrial production grew 9.2% year-on-year last month, compared with an increase of 9.5% in June. Separately, retail sales, the main gauge of consumer spending, also slowed, rising 13.1% in July compared with the same month last year. The dollar was quoted at 78.47 yen against against 78.45 yen. The yen got a slight boost after the Bank of Japan said it would hold off any new monetary easing measure for now and repeated its view that the economy was picking up moderately. Oil prices were higher. New York’s main contract, light sweet crude for delivery in September, fell 29 cents to $93.16 a barrel in the late afternoon and Brent North Sea crude for September fell 31 cents to $112.25 111.83. In other markets: Taipei rose 1.56%, or 113.9 points, to 7,433.70. Smartphone maker HTC rose 3.81% to Tw$245.0 while TSMC was 2.24% higher at Tw$82.3. Manila eased 0.98%, or 52.06 points, to 5,256.61. Ayala Corp slipped 1.71% to 425 pesos while its real estate flagship, Ayala Land dropped 5.03% to 22.65 pesos. Wellington ended flat, edging up 1.82 points to 3,583.61. Telecom gained 0.2% to NZ$2.665, Fletcher Building rose 0.8% to NZ$6.48 and Contact Energy was off 4.0% at NZ$4.80. Jakarta rose 0.99%, or 40.46 points, to 4,131.17. Telkom rose 1.7% to 9,200 rupiah, cigarette maker Gudang Garam gained 1.2% to 51,250 rupiah, while Aneka Tambang fell 0.80% to 1,240 rupiah. Kuala Lumpur stocks rose 0.40%, or 6.60 points, to close at 1,642.52. Financial firm CIMB Group Holdings rose 0.76% to 7.91 ringgit, while Malayan Banking gained 0.90% to 8.95. Utility Tenaga Nasional lost 0.43% to 6.94 ringgit. Bangkok rose 0.29%, or 3.57 points, to 1,217.70. Banpu dropped 0.44% to 454baht while Thai Oil Public Co rose 3.02% to 68.25 baht. Singapore was closed for a public holiday.