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Asian shares mixed but recover some ground on Tuesday Asian shares reverse earlier gains on Tuesday
(about 4 hours later)
Shares in Asia were mixed on Tuesday after a day of declines on Monday with investor confidence hit by fears of an earlier than expected US rate rise. Shares in Asia were mostly lower on Tuesday, reversing some earlier gains, and despite better-than-expected inflation data out of China.
In China, investor sentiment was down despite official figures showing China's core inflation rate rising to 1.4% in February. Official figures showed China's core inflation rate up by 1.4% in February. China's new consumer inflation target is about 3%, down from 3.5% in 2014.
China's new consumer inflation target is about 3%, down from 3.5% in 2014. Hong Kong's Hang Seng index was down 0.62% at 23,973.29 in mid afternoon trade.
Hong Kong's Hang Seng index was down 0.38% points, while the Shanghai Composite was down 0.65% at 3,280.95. Meanwhile the Shanghai Composite was down 0.21% at 3,295.47.
The consumer price inflation (CPI) data exceeded most expectations and compared with a rise of 0.8% in January, which was the weakest reading since November 2009. Though lower than the government's target, the consumer price inflation (CPI) data exceeded most expectations and compared with a rise of 0.8% in January, which was the weakest reading since November 2009.
The rise in inflation for the period was attributed by officials to China's Lunar New Year celebrations.The rise in inflation for the period was attributed by officials to China's Lunar New Year celebrations.
Earlier this month, China's Premier Li Keqiang said the government would have a consumer inflation target of about 3%, down from 3.5% in 2014.
Elsewhere in AsiaElsewhere in Asia
The benchmark Nikkei 225 was up 0.40% at 18,865.67 points. The benchmark Nikkei 225 was closed down 0.67% at 18,665.11 points after earlier gains which had been driven by a weaker yen.
In Australia, the benchmark S&P/ASX 200 was up 0.43%% at 5,846.30. Banking shares were also hurt on news of a report that the Basel Committee could ask lenders to increase their capital in case of a rise in interest rates in US.
The Australian index on Monday recorded its biggest fall since the first week of January. In Australia, the benchmark S&P/ASX 200 also reversed earlier gains and closed flat, up just 0.05% at 5,824.20 points.
Japanese shares had also closed lower on Monday as revised growth data showed that the economy grew less than initially forecast in the fourth quarter. Analysts said investor confidence may have been hurt by a monthly survey of 400 firms that showed business confidence had dropped by three points to zero in February.
Analysts said they expected Australian stocks to recover some losses on Tuesday despite a monthly survey of 400 firms showing business confidence had dropped three points to zero in February.
The survey is conducted by one of the nation's biggest lenders, National Australia Bank (NAB). The February reading was its lowest since late 2013.The survey is conducted by one of the nation's biggest lenders, National Australia Bank (NAB). The February reading was its lowest since late 2013.
The bank's chief economist Alan Oster said confidence had fallen "across all industries except manufacturing and wholesale, suggesting common factors such as political and broader economic uncertainty may be at play - perhaps the rate cut acted as a stark reminder of the significant headwinds facing the economy."The bank's chief economist Alan Oster said confidence had fallen "across all industries except manufacturing and wholesale, suggesting common factors such as political and broader economic uncertainty may be at play - perhaps the rate cut acted as a stark reminder of the significant headwinds facing the economy."
The Reserve Bank of Australia left rates at a record low of 2.25% earlier this month, after cutting them in February partly to help boost sentiment within the business community.The Reserve Bank of Australia left rates at a record low of 2.25% earlier this month, after cutting them in February partly to help boost sentiment within the business community.
"We still see another rate cut in coming months - most likely May," Mr Oster said."We still see another rate cut in coming months - most likely May," Mr Oster said.
In South Korea, The Kospi index reversed earlier gains on Tuesday morning and was down 0.31% mid morning 1,986.61 after its sharpest daily fall in nearly two months on Monday. In South Korea, the Kospi index closed down 0.40% at 1,984.77 points, after its sharpest daily fall in nearly two months on Monday.
New Zealand's currency fell to $0.72 against the US dollar, after police said threats had been made to poison infant milk formula made by the country's dairy producers.
Police said the threat was made in an apparent protest against the use of an agricultural pesticide called 1080, which is used to control some pests.
A trading halt was placed on shares of Fonterra, New Zealand's biggest dairy producer, among other smaller dairy firms.
Dairy is New Zealand's biggest contributor to the economy.