主题:转载cnn的文章，中国的"热"伤害全球市场

NEW YORK (Reuters) -- U.S. stocks recovered from early losses Thursday as strong profit***y a handful of companies eclipsed fears of an overheating Chinese economy, also lifting the yen in the process as investor***et Beijing would raise interest rates.

The U.S. stock market had fallen in the morning, following losses seen in Asia and Europe, which fueled expectations that investors will unwind carry trades in which trader***uy higher-yielding assets funded by loans in lower yielding currencies, such as the yen.

But Treasury bonds stalled around unchanged, taking a break from a four-day winning streak, partly because U.S. stocks proved able to not only recover but add just a bit of luster to Wednesday's record high. This helped undercut any safe-haven bid for Treasuries.

[quote]Data showing China's economy grew by 11.1 percent from a year earlier in the first quarter and inflation rose to 3.3 percent in March stoked fears that interest rates will have to rise to cool the booming economy.[/quote]

引用： 为什么这里说是3.3的通货膨胀？而不是什么消费价格指数？到底消费价格指数背偷换了概念还是老外理解跟我们不一样？

Chinese premier Wen Jiabao said money supply and credit were growing too fast and the country needed to act to prevent the economy from overheating.

Concern about a Chinese interest-rate hike also pressured spot gold, which fell $8.00, or 1.16 percent, to $682.30.

Strong earnings from U.S. companies such as drug maker Schering-Plough Corp. and online auctioneer eBay Inc. helped support the U.S. stock indexes.

"The Chinese situation is going to be talked about all day," said Scott Wren, senior equity strategist at A.G. Edwards & Sons Inc. "But in my mind, any pullback is a total opportunity to buy stocks. It wouldn't surprise me if we finished positive today."

The Dow Jones industrial average rose 19.17 points, or 0.15 percent, to 12,823.01. The Standard & Poor's 500 Index was up 1.36 points, or 0.09 percent, at 1,473.86. The Nasdaq Composite Index gained 4.26 points, or 0.17 percent, to 2,514.76.

Europe stocks slip, yen gains
European stocks slipped for a second day with the FTSEurofirst 300 down 0.35 percent after hitting a more than six-year high earlier this week.

Chinese stocks closed down 4.52 percent, the market's sharpest fall since Feb. 27, when fears that Beijing might take measures to calm stock market speculation clipped nearly 9 percent off the Shanghai Composite index.

The Nikkei fell 1.7 percent to 17,371.97.

Against the Japanese yen, the dollar was down 0.13 percent at 118.42 from a previous session close of 118.58. The euro was down 0.06 percent at $1.3599 from a previous session close of $1.3607.

"Fears of future rate hikes in China certainly helped boost the yen this morning," said Samarjit Shankar, a director for foreign exchange at Mellon Financial Corp in Boston. "The Chinese Central Bank has room and probably will lift rates soon."

Bonds, oil deflate
In the Treasury bond market, weekly U.S. data showing a smaller-than-forecast decline of 4,000 in new jobless claims earlier put a bid in the market. But by the time stocks had pared their losses, the benchmark 10-year U.S. Treasury note was down 4/32, with the yield at 4.67 percent.

T-bonds mainly shrugged off a surprising drop in the Philadelphia Federal Reserve's April business conditions index for the Mid-Atlantic region. The gauge fell to 0.2 from 0.6 in March, contrary to Wall Street's forecast for a gain of 0.2.

U.S. energy markets proved volatile, as crude oil futures fell sharply before the current front-month May contract's expiration on Friday and after government data Wednesday showed another rise in crude storage at Cushing, Oklahoma.

U.S. light sweet crude oil fell $1.40, or 2.21 percent, to $61.73 per barrel.

Copyright 2007 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

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