Asia Stocks Are Little Changed Amid China Funding Concern
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Asia’s benchmark stock index was little changed as Chinese shares slid on concern funding costs for lenders will remain high even after the central bank injected liquidity. Japan’s Nikkei 225 Stock Average rose as the yen reached a five-year low.
Ping An Insurance (Group) Co., China’s second-largest insurer, declined 4.6 percent to lead declines on the Hang Seng Index. Mazda Motor Corp., a Japanese carmaker that gets 73 percent of sales abroad, climbed 3.5 percent. Telstra Corp. rose 1.8 percent, pushing Australia’s benchmark index to the biggest weekly gain in almost eight months, after agreeing to sell its Hong Kong mobile phone business.