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Asia markets lower amid China warning to banks77 days ago
(AP:BANGKOK) Asian stock markets were mostly lower Tuesday despite gains on Wall Street as China's warning to banks to control lending dragged down financial stocks in Hong Kong.
The region also got a poor cue from Japan, where stocks fell after the market was closed for a holiday Monday. The dollar was little changed against the euro and the yen. Gold retreated from a record and oil prices hung below $78.
Investors shrugged off Wall Street ending a three-day losing streak Monday and figures showing that U.S. home sales rose 10 percent in October.
News that China's central bank was warning banks to control a lending spree underlined there are limits to the easy credit which has underpinned the country's rapid recovery from the global recession.
"The central bank has been concerned about lending to the property sector," said Franics Lun, general manager of Fulbright Securities Ltd. in Hong Kong. "If they can put on the brakes to avoid an asset bubble it is likely to be better for the longer term," he said.
Japan's Nikkei 225 stock average was down 72.73, or 0.8 percent, at 9,421.53 and Hong Kong's Hang Seng was off 48.61, or 0.2 percent, at 22,722.78. Banks fell in Hong Kong trade with Bank of China off 2.1 percent, China Construction Bank down 1 percent and HSBC retreating 0.3 percent.
Elsewhere, South Korea's Kospi dropped 0.9 percent to 1,604.66 and Australia's S&P/ASX 200 index declined 0.5 percent to 4,691.40 on losses in banks and miners. China's Shanghai benchmark bucked the trend to rise 0.1 percent to 3,342.28.
In the U.S. on Monday, the Dow rose 132.79, or 1.3 percent, to 10,450.95, after losing 120 points over the previous three days. It was the Dow's highest close since Oct. 2, 2008. The Standard & Poor's 500 index rose 14.86, or 1.4 percent, to 1,106.24.
Oil hovered below $78 a barrel in Asia amid mixed signs about crude demand. Benchmark crude for January delivery was up 10 cents to $77.66 a barrel. The contract rose 9 cents to settle at $77.56 on Monday.
In currencies, the dollar fell to 88.89 yen from 88.97. The euro fell to $1.4946 from $1.4964.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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