Shares in the Asia-Pacific were mostly higher on Monday as investors monitored market reaction to Chinese economic data.
Mainland China markets were mixed. The Shanghai Composite lost 0.16% and the Shenzhen Component was up 0.3%.
Hong Kong’s Hang Seng Index was 0.47% lower.
The S&P/ASX 200 in Australia rose 0.33%.
Japan’s Nikkei 225 increased 1.02% while the Topix index added 0.5% after the country reported an expansion in GDP.
|.N225||Nikkei 225 Index||*NIKKEI||28846.6||299.62||1.05|
|.HSI||Hang Seng Index||*HSI||20101.28||-74.34||-0.37|
|.AXJO||S&P/ASX 200||*ASX 200||7065.2||32.7||0.46|
|.FTFCNBCA||CNBC 100 ASIA IDX||*CNBC 100||8265.05||43.37||0.53|
China’s industrial output and retail sales data for July missed expectations.
Industrial production grew by 3.8%, below the expected 4.6% in a Reuters poll and slightly lower than the 3.9% figure reported in June.
Retail sales increased 2.7% in July compared with the same period in 2021, below the 5% growth forecast. India and South Korea markets are closed for a holiday Monday. 14 Min Ago
China’s central bank cuts interest rates unexpectedly
The People’s Bank of China lowered its one-year medium-term lending facility on 400 billion yuan ($59.3 billion) of loans to some financial institutions by 10 basis points to 2.75%, according to an announcement posted on the central bank’s website.
According to Reuters, all 32 respondents in a poll last week forecast that the medium-term lending facility rate would be kept steady.
The PBOC also cut its seven-day reverse repo rate by 10 basis points to 2%. 2 Hours Ago
Japan’s GDP grows, but misses estimates
Preliminary estimates showed Japan’s annualized gross domestic product grew 2.2% in the April-to-June quarter compared with the previous quarter.
That’s lower than the expected 2.5% increase based on forecasts in a Reuters poll.
Source : CNBC