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Stocks down in morning trade despite slowing CPI
By Feng Jianmin |
December 9, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock index retreated in the morning session as concerns over European economic growth overshadowed lower-than-expected inflation data for November.
The benchmark Shanghai Composite Index was down 0.63 percent to 2,315.24 points. Turnover fell to 19.8 billion yuan (US$3.1 billion).
The European Central Bank yesterday cut interest rates and offered banks long-term funds to soften a looming recession.
But ECB President Mario Draghi discouraged expectations that the bank would massively step up buying government bonds if European Union leaders agreed on moves towards closer fiscal union at the Brussels summit.
He downgraded Europe's economic growth outlook to -0.4 percent and maintained inflation expectations at 1.5 to 2 percent.
Meanwhile in China, inflation in November slowed to the lowest this year. China's top statistics bureau said today the consumer price index was 4.2 percent in November, having fallen from a 5.5 percent in October.
The producer price index, which measures costs for companies, fell to a 27-month low of 2.7 percent in November, according the National Bureau of Statistics.
Financial shares were weak. Bank of China dipped 0.3 percent to 2.91 yuan. CITIC Securities fell 0.9 percent to 10.97 yuan.
The benchmark Shanghai Composite Index was down 0.63 percent to 2,315.24 points. Turnover fell to 19.8 billion yuan (US$3.1 billion).
The European Central Bank yesterday cut interest rates and offered banks long-term funds to soften a looming recession.
But ECB President Mario Draghi discouraged expectations that the bank would massively step up buying government bonds if European Union leaders agreed on moves towards closer fiscal union at the Brussels summit.
He downgraded Europe's economic growth outlook to -0.4 percent and maintained inflation expectations at 1.5 to 2 percent.
Meanwhile in China, inflation in November slowed to the lowest this year. China's top statistics bureau said today the consumer price index was 4.2 percent in November, having fallen from a 5.5 percent in October.
The producer price index, which measures costs for companies, fell to a 27-month low of 2.7 percent in November, according the National Bureau of Statistics.
Financial shares were weak. Bank of China dipped 0.3 percent to 2.91 yuan. CITIC Securities fell 0.9 percent to 10.97 yuan.
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