BANGKOK — Asian stock markets fell Thursday after data showed inflation in China was heating up again, complicating efforts by Beijing to stimulate the world's No. 2 economy.
Japan's Nikkei 225 index lost 0.6 percent to 8,962.21. South Korea's Kospi fell 1 percent to 1,984.04. Hong Kong's Hang Seng lost 0.7 percent to 20,864.11. Australia's S&P ASX/200 lost 0.8 percent at 4,256.30.
Investor sentiment hit a hurdle after China released data showing consumer prices had risen 4.5 percent in January over a year earlier, up from the previous month's 4.1 percent. Food prices jumped 10.5 percent, accelerating sharply from December's 9.1 percent rise and driven by 25 percent gain in the cost of pork, the staple meat in China.
The People's Bank of China eased lending curbs in December to promote growth in the slowing economy. But the unexpected jump in the cost of living could make the central bank wary of carrying out further steps to loosen credit.
Wall Street staged an afternoon-long rally and closed higher Wednesday as Greece appeared to close in on the cost-cutting deal it needs to keep from defaulting on its national debt.
The Dow Jones industrial average rose marginally to close at 12,883.95. The Standard & Poor's 500 index rose 0.2 percent to 1,349.96. The Nasdaq composite index rose 0.4 percent to 2,915.86.
Benchmark oil for March delivery was up 3 cents to $98.74 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to end at $98.71 per barrel on the Nymex on Wednesday.
In currency trading, the euro fell to $1.3255 from $1.3288 late Wednesday in New York. The dollar rose to 77.15 yen from 77.01 yen.
PAMELA SAMPSON | February 8, 2012 10:46 PM EST | Associated Press
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