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Thursday, October 21, 2010

Asian Shares Down on China, Yen

In today's Market Report: Shanghai stocks slid in volatile trade Thursday. They were weighed down by banking shares after data from China showed growth slowing and inflation edging higher. Shanghai's Composite Index tumbled one-and-a-half percent.

Financial stocks were lower Thursday, succumbing to profit-taking pressures amid talk of policy tightening.

China's economic data was broadly in line with forecasts, falling slightly after its central bank hiked rates on Tuesday.

China Mobile's lackluster third-quarter results put a damper on the telecom sector in Hong Kong, pulling down shares of the world's biggest mobile operator and its rivals.

The Hang Seng drifted lower, along with other Asian markets.

Tokyo stocks rose in morning trade, as the yen dropped after the U.S. Treasury Secretary said he saw no reason for further dollar weakness. But the yen later rebounded, sending Japan's Nikkei down to its lowest close in three weeks.


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