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Weak EU trumps slowing inflation to push stocks down

(Shanghai Daily)

17:34, December 09, 2011

SHANGHAI'S key stock index extended yesterday's loss today as investor sentiment continued to weaken on the uncertain European economic outlook, despite China's lower-than-expected inflation data for November.

The benchmark Shanghai Composite Index retreated 0.62 percent to 2,315.27 points. Turnover shrank to 38.9 billion yuan (US$6.1 billion) from yesterday's 49.2 billion yuan.

China's inflation eased to a 14-month low, sliding to 4.2 percent in November from last month's 5.5 percent. And the producer price index, a measure of costs for companies, dropped to a 27-month low of 2.7 percent in November, the National Bureau of Statistics said today.

But the fact that China's inflation-curbing strategy is gradually paying off was overshadowed by the possibility that Europe might skid further towards the debt crisis abyss, as the European Central Bank President Mario Draghi signaled no intention to expand its bond-purchasing program.

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