Softer-than-expected inflation data out of China lifted stocks
Stocks in Asia closed mixed today, as investors prepare for the
start of earnings season for U.S. companies. In China, stocks managed solid gains, thanks to well-received inflation data, with the consumer price index (CPI) rising just 2.3% year-over-year in March. Amid hope for extended monetary easing -- and thanks to bullish comments from a prominent Chinese analyst -- the Shanghai Composite rallied 1.7%, while Hong Kong's Hang Seng managed a 0.4% win. In Japan, however, the
yen gained strength yet again, weighing on exporters and sending the Nikkei 0.4% lower. Elsewhere, South Korea's Kospi dropped 0.1%.
European stocks are mostly higher at midday. In focus are reports of an upcoming meeting between Italy's central bank and government officials, which has Italian bank stocks booming on hopes a deal will be reached to help banks handle bad loans. What's more, China's soft inflation data is pushing mining stocks higher. London's FTSE 100 was flat at last check, France's CAC 40 was up 0.6%, and Germany's DAX had added 1.1%.
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