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Asian markets mixed on worries about US inflation
Published in Saudi Press Agency on 20 - 03 - 2009


Asian stock markets were mixed Friday as
investors turned cautious amid worries the U.S. Federal
Reserve's latest move to combat recession in the world's
largest economy will lead to rampant inflation. European
shares traded lower, AP reported.
Trade was lackluster in most markets, with Tokyo closed
for a holiday, as the region closed out one of its
strongest weeks this year with a whimper.
Sentiment took a hit after Wall Street's rally petered out
Thursday. U.S. investor euphoria over the central bank's
aggressive $1.2 trillion plan to buy government bonds and
debt securities gave way to fears the new spending could
water down the dollar's worth and lead to higher prices
across the board.
Those concerns have pummeled the dollar, which stabilized
in Asia but was still headed for a 4 percent loss against
the yen this week. A weaker dollar is especially unnerving
in Asia, where it hurts big exporters in Japan and other
countries by eroding foreign income.
While the market may see more upside, analysts were
doubtful the current rally could be sustained much longer
with continuing woes in the financial system and the global
outlook still grim.
«I don't think anyone reasonably expects this to be a
long-term rally or that we've hit bottom,» said Andrew
Orchard, Asian strategist for Royal Bank of Scotland in
Hong Kong. «The problems with the financial system are
still unknown.»
In Europe, stocks headed lower in early trade. Britain's
FTSE 100 lost 0.5 percent, Germany's DAX shed 0.8 percent
and France's CAC-40 was off 1.6 percent.
Earlier in Asia, Hong Kong's Hang Seng led the region's
declines, falling 297.41 points, or 2.3 percent, to
12,833.51, and Australia's benchmark S&P/ASX 200 stock
index lost 0.4 percent to 3,465.8. Taiwan's benchmark
sagged 1.5 percent.
Stocks in mainland China rose for a fifth day, with the
Shanghai Composite index advancing 0.7 percent to 2,281.09
as higher commodity prices lifted metal and mining stocks.
For the week, the index rose 7.2 percent.
South Korea's Kospi climbed 0.8 percent Friday to
1,171.04. Markets in the Philippines and Thailand also
rose. Trading will reopen in Tokyo on Monday.
Among the worst performers were financial shares after
recovering in recent days, with Australian investment
Macquarie Group dropping 4.5 percent. In Hong Kong, China
Mobile, the world's largest carrier by subscribers, dropped
5.4 percent after its results showed slower growth.
Overnight in the New York, banking and other financial
shares dragged on the broader market, and the major indexes
finished down. The Dow Jones industrial average fell 85.78,
or 1.2 percent, to 7,400.80.
The broader Standard & Poor's 500 index fell 10.31, or 1.3
percent, to 784.04, while Nasdaq composite index fell 7.74,
or 0.5 percent, to 1,483.48.
U.S. futures pointed to more losses on Wall Street. Dow
futures were down 33 points, or 0.5 percent, to 7,378,
while S&P 500 futures were down 6.8 points, or 0.9 percent
to 773.3.
The dollar recovered some after tumbling overnight,
gaining to 95.16 yen from 94.53 yen earlier _ but down from
nearly 99 yen two days ago. The euro dipped to $1.3622 from
$1.3660.
Oil prices eased after surging overnight on a weakened
dollar and evidence that OPEC has significantly slowed
production. Benchmark crude for April delivery was down 87
cents at $50.74.


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