Tokyo lifted by weak yen but Shanghai, Hong Kong slip

GMT 06:06 2015 Tuesday ,10 March

Arab Today, arab today Tokyo lifted by weak yen but Shanghai, Hong Kong slip

China's consumer price inflation
Hong Kong - AFP

Shanghai and Hong Kong stocks fell Tuesday after data indicated further weakness in Chinese consumer spending, but Tokyo was up as the dollar rose to three-month highs against the yen.
The euro continued to flounder against the greenback a day after the European Central Bank launched its stimulus "bazooka", while traders are also keeping a wary eye on Greece's ongoing debt talks.
Shanghai fell 0.57 percent and Hong Kong lost 0.22 percent as news that China's consumer price inflation rebounded in February from a more-than-five-year low was overshadowed by a steep drop in consumer prices, indicating more softness down the line.
Seoul was also down 0.20 percent but Tokyo rose 0.22 percent by lunch thanks to the weaker yen, while Sydney added 0.42 percent.
The mixed picture came after New York provided a positive platform, with the three main indexes ending higher after Apple launched its long-awaited watch, while GM announced a $5-billion share buyback.
The Dow rose 0.78 percent and the S&P 500 gained 0.39 percent. The tech-rich Nasdaq advanced 0.31 percent.
In China, the National Bureau of Statistics said consumer inflation hit 1.4 percent in February, well up from 0.8 percent the previous month and much better than the 1.0 percent forecast.
However, the NBS also said the price of goods at the factory gate slumped 4.8 percent, the worst result since October 2009, driven by falling energy prices.
The data come after authorities cut interest rates in November as well as last month.
Tokyo's Nikkei was Asia's best performer in early dealing as exporters were supported by the weakening yen.
The dollar bought 121.51 yen early Tuesday, its strongest since December and up from 121.15 yen in New York late Monday.
The greenback continues to rally after Friday's blistering US jobs report that fanned speculation the Federal Reserve will hike interest rates as soon as June.
"The US economy is moving in the right direction, and expectations of a rate hike should continue until the Fed's meeting next week, which means the yen could continue to weaken against the dollar," Toshihiko Matsuno, chief strategist at SMBC Friend Securities in Tokyo, told Bloomberg News.
In other currency trade, the euro bought $1.0835 and 131.58 yen on Tuesday against $1.0854 and 131.49 yen.
The ECB kicked off its 60 billion-euro-a-month asset-buying scheme Monday hoping it will fend off deflation in the eurozone and also kickstart economic growth.
However, there remain worries about Greece's bailout extension as it starts technical talks this week with its regional partners.
Oil prices were mixed. US benchmark West Texas Intermediate gained one cent to $50.01 while Brent eased 12 cents to $58.41.
Gold fetched $1,167.61 against $1,174.98 late Monday.

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