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* Asian stocks claw back some losses after China data
* Markets remain worried about slowing U.S. recovery
* AgBank's weak debut drags down Shanghai index
* Australian dollar gains, S&P stock futures cut losses
* Dollar near 2-month low vs basket of currencies
By Kevin Yao
SINGAPORE, July 15 (Reuters) - Asian stocks remained under
pressure on Thursday as worries about a U.S. economic slowdown
persisted, even as a spate of Chinese data pointed to only a
mild cooling in that economy.
China's annual economic growth eased to 10.3 percent in the
second quarter from 11.9 percent in the first quarter, a touch
weaker than expected, in response to credit curbs and the
fading of fiscal stimulus.
Nevertheless, the data showed concerns about a steep
slowdown in the world's third-largest economy were overblown.
Inflation at the producer and consumer level also eased in June
from May, reducing the need for further policy tightening.
[]
With no nasty surprises from China, investor concern
returned to the health of world's biggest economy after minutes
of the Federal Reserve's June meeting showed officials were
more concerned with the pace of the U.S. recovery.
The MSCI index of stocks in Asia-Pacific outside Japan
<.MIAPJ0000PUS> was down 0.4 percent at 0450 GMT. The index had
briefly turned higher after the Chinese data.
The Aussie dollar erased the half percentage point loss
against the dollar it had made after an official Chinese paper
reported the economy may slow more sharply than expected in the
second half of this year.
"The data has attracted much attention but at the end of
the day, they were not far from market expectations. They
showed the Chinese economy is slowing down but that's what
markets have been looking for," said Hideaki Inoue, manager of
foreign exchange at Mitsubishi Trust and Banking Corp.
Shanghai stocks <> fell 0.36 percent, reversing
earlier gains, after Agricultural Bank of China <601288.SS>
disappointed with a lacklustre Shanghai debut. Its shares rose
only marginally in the first few minutes of trading.
[]
Banks repossessed a record number of U.S. homes in the
second quarter, though foreclosure filings eased slightly from
earlier in the year, real estate data firm RealtyTrac said on
Thursday. The root problems of job losses persist, making a
sustained recovery in the housing market elusive.
[]
Investors were waiting for corporate earnings results,
including those from Google <GOOG.O> and JPMorgan Chase <JPM.N>
AUSSIE DOLLAR WHIPSAWS ON CHINA REPORTS
The Australian dollar stood at $0.8802 <AUD=D4>, down 0.4
percent on the day but above the day's low of $0.8780 hit after
the Chinese newspaper report fanned fears of a sharp growth
slowdown.
The Chinese Securities Journal reported prior to the
government data that the economy may slow more sharply than
expected in the second half of this year, which could cool
demand for commodities. []
The euro erased its losses to change hands at $1.2746
<EUR=>, not far from its two-month high of $1.2778 hit on
Wednesday.
The dollar was under pressure, holding near two-month lows
against a basket of currencies <.DXY>.
Meanwhile, S&P futures <SPc1> erased earlier losses and
were 0.17 percent higher on the day at 1,093.00, compared to
around 1,090 before the data.
(Editing by Jan Dahinten)
