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» 11/09/2011 09:50
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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See also
09/30/2008 ASIA - U.S.
Depth of the abyss of economic, social, political chaos
by Maurizio d'Orlando
06/30/2010 ASIA
Asian stock markets fall, doubts about recovery in China
10/27/2008 CHINA
China is in good shape, but must not underestimate the global crisis
06/12/2012 ASIA - EU
Asian markets drop after euphoria over Spain cools and fears for Italy and Greece emerge
08/08/2011 ASIA
Asia stock markets plummet amid fears of new global crisis

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I will miss you Fr Frans, you inspired us all, says Syrian Jesuit
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FRANCE - IRAQ
Chaldean Patriarch on the uncertain future of eastern Christians, a bridge between the West and Islam
by Mar Louis Raphael I SakoThe wars in Iraq, Libya and Afghanistan have made things worse for their peoples, especially minorities. As Western policies have been a failure, fundamentalism has grown with the Arab Spring losing out to extremism. Muslim authorities have a role in protecting rights and religious freedom. The presence of Christians in the Middle East is crucial for Muslims.
CHINA - EUROPEAN UNION
Xi Jinping returns home full of deals and silence
by Bernardo CervelleraThe Chinese president signed agreements worth tens of billions of Euros in France, Germany, the Netherlands, and Belgium. He also stayed clear of any press conference. At the College of Europe in Bruges, he presented his dream of a new trillion-dollar Silk Road. Yet, he also made it clear that at home, the monopoly of power stays with the Party, squashing any dream for political reform in China. On the Internet, netizens disagree with him.

Dossier
by Giulio Aleni / (a cura di) Gianni Criveller
pp. 176
by Lazzarotto Angelo S.
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by Bernardo Cervellera
pp. 240
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