World stocks rise as China announces budget
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 1:51 am, Tuesday, March 5, 2013
Markets in Hong Kong and mainland China drew encouragement from a speech by outgoing Premier Wen Jiabao and presentation of the country's budget at the opening of the annual National People's Congress, a ceremonial legislature. Wen promised deficit spending to meet a growth target this year of 7.5 percent that is enshrined in the ruling Communist Party's latest five-year development plan. Wen mentioned subsidies for agriculture and energy conservation and said the country was committed to fighting corruption and improving the environment. Among individual stocks, Japan's Fast Retailing jumped 5.5 percent after the company said sales at its Uniqlo casual clothing stores jumped 9.6 percent in February from a year ago, Kyodo News Agency said. President Barack Obama and his political opponents have failed so far to agree on a way to roll back automatic spending cuts that took effect Friday. Reported by SeattlePI.com 1 hour ago.
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 1:51 am, Tuesday, March 5, 2013
Markets in Hong Kong and mainland China drew encouragement from a speech by outgoing Premier Wen Jiabao and presentation of the country's budget at the opening of the annual National People's Congress, a ceremonial legislature. Wen promised deficit spending to meet a growth target this year of 7.5 percent that is enshrined in the ruling Communist Party's latest five-year development plan. Wen mentioned subsidies for agriculture and energy conservation and said the country was committed to fighting corruption and improving the environment. Among individual stocks, Japan's Fast Retailing jumped 5.5 percent after the company said sales at its Uniqlo casual clothing stores jumped 9.6 percent in February from a year ago, Kyodo News Agency said. President Barack Obama and his political opponents have failed so far to agree on a way to roll back automatic spending cuts that took effect Friday. Reported by SeattlePI.com 1 hour ago.