Chinese markets mixed as investors digest economic data from China; Japan’s GDP expands

Soegeefx AppsAsia MarketChinese markets mixed as investors digest economic data from China; Japan’s GDP expands

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
.SSEC Shanghai *SHANGHAI 3274.57 -2.32 -0.07
.KS11 KOSPI Index *KOSPI 2527.94 4.16 0.16
.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

You might also like

Leave a Reply

89 + = 96