Warren Buffett“A public opinion poll is no substitute for thought.”
Adlin Sinclair“Success is a welcomed gift for the uninhibited mind.”
China tightening weighs on Asia stocks (AFP)
Tuesday, which fell as investors overlooked a positive result on
.
announced last week that its economy expanded at a better-than-expected pace last year, while inflation was soaring and bank lending was at a record high.
.
China's strong figures have led to speculation that authorities will move to rein in the red hot economy by staunching lending or raising interest rates.
was 2.0 percent lower in the afternoon as banks extended losses.
“More investors are moving to the sidelines, as they remain cautious of more policy headwinds,” Zhang Qi from
.
, which lost 1.60 by the break.
of 8.7 percent in 2009 and 10.7 percent in the fourth quarter of the year. Data also showed inflation at a 13-month high.
Beijing is also keen to put the brakes on runaway lending last year that has led to fears of asset bubbles and possible bad debt.
In a bid to calm fears over tightening, the
kept the yield on its benchmark one-year bills unchanged, after having raised it twice in the previous two weeks.
However, the yen shot up in Asian trade on worries that Chinese moves to curb lending could derail a still-fragile global economic recovery.
The dollar slid to 89.72 yen in Tokyo afternoon trade from 90.22 in
late Monday. The euro dropped to 1.4081 dollars from 1.4149 and to 126.36 yen from 127.69.
lower, with the
to keep interest rates unchanged at 0.1 percent overlooked as the yen strengthened.
dropped 1.78 percent, or 187.41 points, to 10,325.28.
However, the central bank upgraded its growth forecasts slightly, predicting the economy would shrink 2.5 percent this financial year to March before rebounding 1.3 percent next year.
In October the bank had predicted a 3.2 percent contraction this year and 1.2 percent expansion next year.
Seoul dropped 1.97 percent, or 32.86 points, to 1,637.34 after data showed the South Korean economy grew more slowly in the December quarter than in the previous three months. The market is at a seven-week low.
closed 3.48 percent, or 274.18 points, off at 7598.81, its lowest level since November 30.
Singapore was 1.58 percent lower in the afternoon.
broke a losing streak overnight — rising 0.23 percent — on optimism that
will be confirmed in his post for a second term.
Doubts also emerged last week about Bernanke after key Democratic senators said they would oppose his bid for a second term.
. However, Obama has said the Fed chief “has my strongest support.”
Oil was lower, with
's main futures contract, light sweet crude for delivery in March, down 86 cents to 74.40 dollars a barrel.
for March delivery dropped 80 cents to 72.89 dollars.
at 1,101.00–1,102.00 US dollars an ounce, up from Monday's close of 1,100.00-1,101.00 dollars.
Markets in Sydney and Mumbai are closed Tuesday for public holidays.
— Manila shed 0.41 percent, or 12.26 points, to 2,955.70.
dropped 0.19 percent to 2,680 pesos.
— Wellington rose 0.64 percent, or 20.41 points, to 3,209.06, ending a seven-day losing streak.
Market heavyweights boosted the index, with Telecom up five cents to 2.44 dollars and
rising 16 cents to 8.18.