By Market News Video Staff, Friday, April 15, 9:45 AM ET
Article by: Max Blythe
Asian indexes closed with losses after China released greater-than-expected inflation data, potentially signally further monetary tightening and anti-inflationary measures in the PRC. Chinese consumer prices rose 5.4% year-on-year in March while food prices spiked 11.9% in the same time. In all, the Chinese economy is on track to expand at a healthy 9.7% rate annually. In other news, India-based Infosys plunged 8.4% after the software titan’s quarterly profit came in under expectations. Click here to research Asia ETFs.
In Europe, indexes quickly rebounded from Moody’s downgrade of Irish debt. Greece also unveiled a long-anticipated plan to tackle its own borrowing problems. Eurozone annual headline inflation was reported at 2.7% while the zone’s trade deficit came in at EUR 2.4 billion, just under economists’ estimates. Booming sales in emerging markets helped boost Nestle’s earnings despite higher prices for cocoa and milk. The Swiss food giant’s sales rose 6.4% in 1Q 2011. Click here to research Europe ETFs.
Crude oil prices eased somewhat on concerns that high energy prices are impacting demand while copper extended a five-session losing streak and slipped 0.4%. Click here to research Energy ETFs.
In the US, despite a 17.0% jump in profit, Google’s (NASDAQ:GOOG) 1Q 2011 earnings disappointed investors who expected more in the way of controlling costs.
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