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November 12, 2010    

Irish debt and Chinese inflation fears send markets down

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by Kay Murchie
Irish debt and Chinese inflation fears send markets down

Despite efforts to calm fears over Ireland’s debt problems, global markets have fallen today.

The Shanghai Composite index closed down 5% as speculation mounted that the central bank could hike interest rates again to curb inflation.

Yesterday, the National Bureau of Statistics (NBS) said Chinese inflation continued to increase in October, driven by higher food prices.

The closely-watched consumer price index rose 4.4% in October, up from 3.6% in September.

Meanwhile, Hong Kong‘s Hang Seng index closed down 1.9% and Tokyo’s Nikkei index lost 1.4%.

European markets followed Asia’s falls with France’s Cac 40 index opening 2% lower, while Germany’s Dax index lost 1%.

London’s FTSE lost almost 58 points in early trading as Ireland’s debt fears continue to unnerve investors.

There has been speculation that Ireland may have to turn to the EU rescue fund but these claims have so far been denied.

The former “Celtic Tiger” economy is sending jitters throughout the euro zone as borrowing costs surged to record highs.

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