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Asian shares higher despite China data | Asian shares higher despite China data |
(about 9 hours later) | |
Asian shares rose on Wednesday despite inflation data from China suggesting that the economy is slowing. | |
China's inflation rate fell to 1.6% in September, below expectations and the lowest rate since January 2010. | |
But stock markets across Asia shrugged off the downbeat news. In Japan, the benchmark Nikkei 225 index closed up 137.01 points at 15,073.52. | |
In Hong Kong, the benchmark Hang Seng index ended up 92.08 points at 23,140.05. | |
On the mainland, the Shanghai Composite finished the session up 14.20 points, or 0.6%, at 2,373.67 as the inflation data spurred talk of Beijing stepping in with stimulus measures to boost the economy. | |
Australian shares were up after a survey showed that consumer sentiment rose in October after a sharp fall the previous month. | |
The benchmark S&P/ASX 200 ended 38.18 points higher at 5,245.6. | |
In South Korea, the Kospi index ended lower after the central bank cut interest rates for the second time in three months. | |
The Bank of Korea cut its key rate to 2% from 2.25%, and also downgraded its growth forecasts for the economy for this year and next, citing slower than expected improvements in capital expenditure and consumer spending. | |
The benchmark Kospi closed down 3.34 points at 1,925.91. | |