» 11/09/2011, 00.00
ASIA - CHINA
Berlusconi to resign, Chinese inflation slows, Asian markets climb
Asian markets have climbed and Italian bonds improved, one day after the Italian Prime Minister announced his upcoming resignation, as soon as essential austerity measures are approved. Stock markets also driven by positive news Chinese inflation, which slowed noticeably in October.
Hong Kong (AsiaNews / Agencies) - Asian stock markets climbed today on the back of yesterday’s announcement by Italian Prime Minister Silvio Berlusconi of his upcoming resignation and today’s announcement that China’s spiralling inflation slowed in October.
Hong Kong jumped to +2% before returning to +1.6% ; Tokyo registered +0.94% by midmorning, Seoul is up by 0.35%, Sydney also positive with +1, 37%.
Italian bonds were also positive, falling to 6.65% in Asia, a day after they had hit a record 6.77%.
Prime Minister Berlusconi was left without majority support yesterday, after a parliamentary vote and President Giorgio Napolitano announced that he will step down as soon as the package of austerity measures demanded by the European Union is approved. The announcement has raised expectations for an improvement of the Italian situation, after the current government is considered to have failed to take appropriate measures to reduce Rome’s huge foreign debt.
The positive trend was also helped by news that inflation in China has grown by 5.5% in October, down for the 3rd consecutive month compared to 6.1% in September and after a +6, 5% in July, a three year record.
Food prices are also down, by -0.2% in October, the first decline since May. The cost of food remains high however at 11.9% compared to October 2010, a result of strong increases in recent months.
In recent days, Prime Minister Wen Jiabao said he expected a price decrease, implying the willingness of Beijing to resume a policy of economic stimulus, by the end of 2010, China has taken measures to contain the liquidity of currency, increasing interest and curbing bank lending.
The inflation of production costs is also down, +5% in October after +6.5% in September.
Analysts expect a further cooling of inflation in the coming months, although others consider that prices have risen too much in recent months, with increases in double figures for the main food items. Many are now waiting to see the government's measures to stimulate the economy and what effects it will have on inflation.
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Asian stock markets fall, doubts about recovery in China
Nikkei at minus 2.13; Hong Kong and Shanghai negative. Consumer confidence in the U.S. falls, forecasts for growth in China reduced from 1.7 to 0.3 (April). Yen strengthens, penalizing exports from Japan.
China is in good shape, but must not underestimate the global crisis
The director of China's central bank, Zhou Xiaochuan, illustrates the situation in the country and the possible strategies for addressing it. Beijing is demonstrating caution in anticipation of seeing how significantly the worldwide crisis might strike it, but is confident that it will be able to continue its rapid growth.
12/06/2012 ASIA - EU
Asian markets drop after euphoria over Spain cools and fears for Italy and Greece emerge
Stock markets drop to almost 1%. Lack of commitment on growth. For China aid to Spain contain short-term crisis, but no safeguard to stability. On 17 June, Greece votes for or against the euro.
Asia stock markets plummet amid fears of new global crisis
All markets slide, some loosing up to 5%. A decline or stagnation of U.S. and European economies feared, with a reduction in consumption and exports from Asia. The G-7 promises to "support financial stability and growth." The ECB seems intent on buying Italian and Spanish bonds. The economies of many Asian countries at risk of. China’s criticism.
Card. Tong’s article on China-Holy See dialogue, arouses joy and dismay
The Hong Kong bishop’s optimism over a change in the method of appointing bishops and the function of the Patriotic Association. But it is unclear whether it is real change or just nominal, in words. Underground bishops are patriotic and love their country, but the Party is suspicious of them. Freedom in episcopal appointments is “essential", but the bishops are not free to exercise their ministry. Patriotic bishops controlled in their visits with members of the universal Church. The "bugs" (hidden microphones) in a bishop’s office.
Card. Tong: The future of Sino-Vatican dialogue from an ecclesiological point of view
Card. John Tong
The Hong Kong Cardinal outlines the steps that hope to propel dialogue between China and the Holy See. Themes include the Pope's role in the appointment of bishops; A change of vision in the Patriotic Association; the possible integration of the underground bishops in the Episcopal Conference. A new article by card. John Tong, following a previous article published a few months ago on "Communion of the Church in China with the universal Church."
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