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Market Update : 
Wholesal Inflation, Industrial Production Rise
Author: 123jump.com Staff
123jump.com
Last Update: 4:23 PM EDT May 14 2008

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China reported a raft of economic data suggesting that the economy continues to grow at a rapid clip. April industrial output rose at 15.7% and international trade rose at 24% in the first four months of the year. Despite a rise in wholesale inflation at 10.3%, retail sales surged at 22% in April from a year ago. However a sharp rise in food and energy costs is hobbling the consumer. In stock trading, Hong Kong Exchanges & Clearing fell after it reported earnings rise of 79%.

 
Chongqing Iron and Steel spiked 18.2% after reporting its production plants in Chongqing were not affected by the earthquake. Sichuan Expressway advanced 11.48%.

HSBC declined 0.15% at HK$135.30 after Federal Reserve chairman Ben Bernanke said that financial markets are continue to be under stress.

Oil refiner Sinopec shed 2.22% to HK$7.49, PetroChina declined 0.55% on expectations the companies may be forced to sell refined oil at a discount and may not get the supply in time. Aluminum Corp of China Ltd also rose 2.6%.
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