FKLI related news

TOKYO (Reuters) - Asian shares and the Australian dollar jumped on Friday after China's second-quarter gross domestic product data landed in line with forecasts.

But market relief could be short-lived as Moody's downgrade of Italy's credit rating to near-junk status just ahead of a bond auction threatens to reinforce fears over Europe's debt crisis.

China's economy grew 7.6 percent in the second quarter from a year earlier, the slowest pace since the January-March quarter of 2009, and in line with market expectations for a 7.6 percent rise. It marks the sixth consecutive quarter of slower growth and compared with an annual growth of 8.1 percent in the first quarter.

U.S. stocks fell Thursday due to losses in the technology sector on concerns about the impact of a faltering global economy on corporate earnings.

The Dow Jones Industrial Average dropped for the sixth straight day by 3.71 points to 12,600.82 points.

Data showed initial claims for state unemployment benefits in the United States dropped to the lowest in four years, but that did little to alleviate concerns that a broader economic slowdown could chip away at corporate profits. Other economic data showed U.S. June import prices fell 2.7 percent, the most in three years, due to a plunge in the cost of imported oil, adding more inflation pressures.

FKLI July opened slightly higher this morning at 1624.5 and was moving upward again around noon. Resistance could be challenged at 1635, given that most technical indicators remain positive. Immediate support could be at 1620.