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  • Asia stocks lower as Italy borrowing costs rise



    (AP:BANGKOK) Asian stock markets fell Wednesday as improved economic data out of the U.S. failed to overcome worries about Europe’s festering debt crisis.

    Japan’s Nikkei 225 index lost 0.1 percent to 8,529.98. Hong Kong’s Hang Seng slid 1.7 percent to 19,025.92 and South Korea’s Kospi shed 0.4 percent to 1,877.88. Benchmarks in Singapore, Taiwan, Australia and mainland China also fell.

    Stocks in Asia didn’t follow through on the momentum from Wall Street, where a session of big swings ended with modest gains. The Dow rose 0.1 percent to 12,096.16. The S&P 500 gained 0.5 percent to 1,257.81, and the Nasdaq added 1.1 percent to 2,686.20.

    Data on retail sales showed Americans spending more on autos, electronics and building supplies in October _ the fifth straight month of increases.

    Sales increased 0.5 percent from the previous month, a faster rate than economists expected and the latest indication that the U.S. economy is likely to avoid another recession.

    But Europe’s debt woes continued to weigh on markets. Higher interest rates on government debt issued by Italy, Spain and other countries rattled European stock markets Tuesday. The interest rate on Italy’s 10-year bond jumped back above 7 percent, a dangerously high level.

    The debt crisis among the 17 nations that use the euro currency “appears to be deteriorating by the day,” analysts at Credit Agricole CIB said in a report. “Contagion has spread across eurozone bond markets like wildfire and the lack of action to create a firewall means that that there is little to extinguish it.”

    Italy’s borrowing rate first crossed the 7 percent threshold last week, raising worries about Rome’s ability to manage its debts. Greece, Ireland and Portugal had to get rescued by international lenders when their borrowing rates crossed the same level.


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