Asia stocks mixed as China stimulus rally fades



HONG KONG // Asian stocks markets were mixed today after Beijing stopped short of announcing fresh measures to bolster growth, dimming hopes China would emerge as a white knight for the staggering world economy. Chinese prime minister Wen Jiabao said the government's 4 trillion yuan (US$586 billion) stimulus plan - announced last November - would help the country achieve eight per cent growth this year. That rate is seen as critical to creating jobs and staving off social unrest as the worst global economic crisis in generations hits Chinese exports.

As the government boosts money for infrastructure, social programmes and tax cuts, the country's budget deficit will surge to its highest level in six decades, Wen said at China's annual legislative session in Beijing. Global markets had rallied the day before, partly on hopes China would announce new steps to bolster its economy and help other countries restart theirs in the process. But Wen's nationally televised speech, while supplying a short-term jolt to confidence with its reiteration of the eight per cent growth target, was unlikely to bring about a lasting recovery in global equities markets, analysts said.

With Western economies and the global financial system still in tatters, the spillover effects from China would be limited. "Knowing China will be spending is comforting, but we have doubts whether this will help other countries' economies in the end," said Kelvin Lau, a regional economist at Standard Chartered Bank in Hong Kong. After opening higher, Asian stocks started to pare their gains by the afternoon as many investors booked profits from Wednesday's rally.

* AP

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

UAE's role in anti-extremism recognised

General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.

He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.

"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.

He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.

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UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

Race card

1.45pm: Maiden Dh75,000 1,200m.

2.15pm: Maiden Dh75,000 1,200m.

2.45pm: Handicap Dh95,000 1,200m.

3.15pm: Handicap Dh120,000 1,400m.

3.45pm: Handicap Dh80,000 1,400m.

4.15pm: Handicap Dh90,000 1,800m.

4.45pm: Handicap Dh80,000 1,950m.

The National selections:

1.45pm: Galaxy Road – So Hi Speed

2.15pm: Majestic Thunder – Daltrey

2.45pm: Call To War – Taamol

3.15pm: Eqtiraan - Bochart

3.45pm: Kidd Malibu – Initial

4.15pm: Arroway – Arch Gold

4.35pm: Compliance - Muqaatil

COMPANY PROFILE

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE


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