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Oct. 20, 2010, 8:28 p.m. EDT

Chinese Markets Rise After Rate Move

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Most Asian stock markets ended lower Wednesday after the surprise interest-rate increase by China late Tuesday sparked a selloff in global equity and commodity markets.

But Chinese shares ended a bit higher, rebounding from a drop in the opening minutes of trade, on hopes the mainland economy will continue to grow at a fast clip and that fund inflows will support stocks.

Meanwhile, in Europe, stocks edged higher, lifted by a solid performance in the U.S. and a rebound in the resources sector.

In SHANGHAI , stocks went on a roller-coaster ride after the central bank raised its benchmark deposit and lending rates by a quarter percentage point, its first increase since December 2007. The Shanghai Composite Index ended up 0.1% at 3003.95.

Airline, automobile and consumer stocks advanced, reflecting confidence in the nation's economic growth, and offsetting sharp losses in property and metals stocks.

Air China /zigman2/quotes/203341301/delayed CN:601111 +1.69% rose 1.8%, SAIC Motor /zigman2/quotes/201442870/delayed CN:600104 -3.80% added 2.8% and Tsingtao Brewery /zigman2/quotes/205439669/delayed CN:600600 -0.79% gained 1.2% in Shanghai. Among losers, Poly Real Estate Group /zigman2/quotes/201864015/delayed CN:600048 +0.67% tumbled 7.8% and Aluminum Corp. of China skidded 3.8%.

In HONG KONG , mainland property developers fell, with China Overseas Land & Investment down 3% and China Resources Land off 4.1%. The Hang Seng Index declined 0.9% to 23556.50.

In TOKYO , the Nikkei Stock Average slid 1.7% to 9381.60 as investors digested the implications of China's move. Among those with exposure to China, Komatsu and Toyota Motor /zigman2/quotes/200537742/composite TM -2.70% fell 1.3% and Canon /zigman2/quotes/210242912/composite CAJ -4.90% slid 2%.

Resource stocks were hit across the region on China's move. BHP Billiton /zigman2/quotes/208108397/composite BHP -2.23% fell 0.7% and Rio Tinto /zigman2/quotes/202627887/composite RIO -3.05% dropped 1.7% in Sydney, Inpex fell 3.4% and commodities trading house Marubeni /zigman2/quotes/202870197/delayed JP:8002 -3.70% slipped 3% in Tokyo, and Sterlite Industries declined 3.5% in Mumbai. The fall in BHP came even as the miner reported an increase in its iron-ore production in the July-September period.

The slide in gold prices hit related stocks. Newcrest Mining /zigman2/quotes/203840223/delayed AU:NCM +2.78% fell 1.8% in Sydney, Sumitomo Metal Mining /zigman2/quotes/205273301/delayed JP:5713 -1.35% slid 3.6% in Tokyo, and Zijin Mining Group /zigman2/quotes/203833875/delayed CN:601899 +1.08% dropped 2.4% in Hong Kong.

In Europe, the Stoxx Europe 600 index rose 0.3% to 266.13.

In LONDON , the FTSE 100 index added 0.4% to 5728.93. Resource shares recovered some of Tuesday's losses, with BHP Billiton gaining 2.5% after the company posted a 6% rise in iron output in the first quarter of the fiscal year.

In AMSTERDAM , TomTom, which makes equipment used in satellite-navigation systems, reversed early losses to gain 2.8%. The company said profit in the latest quarter dropped by more than a third as margin narrowed, hurt by the weak dollar. TomTom said it still expects to achieve its financial targets for the year.

/zigman2/quotes/203341301/delayed
CN : China: Shanghai
¥ 6.62
+0.11 +1.69%
Volume: 49.10M
April 1, 2020 3:00p
P/E Ratio
15.00
Dividend Yield
1.56%
Market Cap
¥94.56 billion
Rev. per Employee
¥1.57M
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/zigman2/quotes/201442870/delayed
CN : China: Shanghai
¥ 19.72
-0.78 -3.80%
Volume: 35.39M
April 1, 2020 3:00p
P/E Ratio
7.91
Dividend Yield
6.39%
Market Cap
¥239.51 billion
Rev. per Employee
¥5.14M
loading...
/zigman2/quotes/205439669/delayed
CN : China: Shanghai
¥ 45.35
-0.36 -0.79%
Volume: 6.06M
April 1, 2020 3:00p
P/E Ratio
33.08
Dividend Yield
1.06%
Market Cap
¥61.75 billion
Rev. per Employee
¥593,393
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/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 14.97
+0.10 +0.67%
Volume: 58.37M
April 1, 2020 3:00p
P/E Ratio
8.05
Dividend Yield
3.34%
Market Cap
¥177.44 billion
Rev. per Employee
¥3.42M
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 116.71
-3.24 -2.70%
Volume: 398,074
April 1, 2020 6:30p
P/E Ratio
7.35
Dividend Yield
3.06%
Market Cap
$166.73 billion
Rev. per Employee
$737,463
loading...
/zigman2/quotes/210242912/composite
US : U.S.: NYSE
$ 20.58
-1.06 -4.90%
Volume: 426,969
April 1, 2020 6:30p
P/E Ratio
14.94
Dividend Yield
6.10%
Market Cap
$23.02 billion
Rev. per Employee
$180,925
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 35.87
-0.82 -2.23%
Volume: 3.71M
April 1, 2020 6:30p
P/E Ratio
9.65
Dividend Yield
7.97%
Market Cap
$54.02 billion
Rev. per Employee
N/A
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/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 44.17
-1.39 -3.05%
Volume: 3.91M
April 1, 2020 6:30p
P/E Ratio
9.02
Dividend Yield
8.65%
Market Cap
$57.16 billion
Rev. per Employee
$852,406
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/zigman2/quotes/202870197/delayed
JP : Japan: Tokyo
¥ 501.80
-19.30 -3.70%
Volume: 2.97M
April 2, 2020 9:41a
P/E Ratio
5.70
Dividend Yield
6.97%
Market Cap
¥935.43 billion
Rev. per Employee
¥181.19M
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 24.05
+0.65 +2.78%
Volume: 565,381
April 2, 2020 11:41a
P/E Ratio
23.09
Dividend Yield
1.36%
Market Cap
$17.69 billion
Rev. per Employee
N/A
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/zigman2/quotes/205273301/delayed
JP : Japan: Tokyo
¥ 2,160.00
-29.50 -1.35%
Volume: 265,700
April 2, 2020 9:41a
P/E Ratio
11.55
Dividend Yield
3.15%
Market Cap
¥609.47 billion
Rev. per Employee
¥134.46M
loading...
/zigman2/quotes/203833875/delayed
CN : China: Shanghai
¥ 3.73
+0.04 +1.08%
Volume: 175.85M
April 1, 2020 3:00p
P/E Ratio
20.29
Dividend Yield
2.68%
Market Cap
¥93.64 billion
Rev. per Employee
¥5.78M
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