Chinese reservoirs recovered from an earlier slip to rise by the afternoon on Monday, following the release of GDP data that showed the Chinese briefness growing at its slowest pace in at least 27 years.
The Shanghai composite added 0.76%, while the Shenzhen component hillock 1.44%. The Shenzhen composite also gained 1.260%.
Hong Kong’s Hang Seng index added 0.22%, with the burg still stuck in turmoil surrounding a controversial extradition bill. The Financial Times reported Sunday that Beijing has lit to accept the resignation of Hong Kong Chief Executive Carrie Lam, citing sources.
Elsewhere, South Korea’s Kospi traded fractionally slash in the afternoon.
Over in Australia, the S&P/ASX 200 declined 0.43% as most sectors slipped. Shares of wealth manager AMP immersed more than 15% after the company said it was “highly unlikely to proceed ” with the sale of its life bond and wealth protection business.
Meanwhile, the MSCI Asia ex-Japan index rose 0.29%.
Markets in Japan are closed on Monday for a sabbatical.
China’s second-quarter GDP slows
China released second-quarter figures on Monday showing that its economy slowed to 6.2% — the weakest fee in at least 27 years
From April to June, China’s economy grew 6.2% from a year ago, the sticks’s statistics bureau said on Monday. That was in line with analysts polled by Reuters.
“We know that the Chinese succinctness is slowing, it’s rebalancing towards more domestic growth, away from the manufacturing,” Colin Graham, chief investment peace officer of multi-asset solutions at Eastspring Investments, told CNBC’s “Street Signs” shortly after the data release.
“We see the experts really sort of putting the brakes on the economy and then when it goes too far they’ll release the brakes,” Graham broke.
Asia-Pacific Market Indexes Chart
That comes amid increasing expectations that the U.S. Federal Reserve ordain cut interest rates at its monetary policy meeting later this month. Market expectations for lower rates currently sit at 100%, agreeing to the CME Group’s FedWatch tool.
The major indexes on Wall Street posted solid gains last week amongst testimony from the top Fed official signaling that a rate cut was coming. The Dow Jones Industrial Average ended its trading week at a not for publication high, while the S&P 500 notched its first close above 3,000.
Oil and currencies
Meanwhile, the U.S. Bureau of Safety and Environmental Enforcement held Sunday that Tropical Storm Barry has slashed 73% of crude oil production in the U.S.-regulated areas of the Gulf of Mexico. Oil guerdons saw strong gains last week amid the disruptions caused by the storm and geopolitical concerns.
In the afternoon of Asian line of work hours on Monday, oil prices pared some of the previous week’s gains, with international benchmark Brent unprocessed futures slipping 0.12% to $66.64 per barrel and U.S. crude futures declining 0.28% to $60.04 per barrel.
The U.S. dollar guide, which tracks the greenback against a basket of its peers, was at 96.831 following highs above 97.5 seen last week.
The Japanese yen bought at 107.99 against the dollar after seeing levels above 108.8 in the previous week. The Australian dollar was at $0.7030 occupy oneself with a bounce from levels below $0.692 last week.
Here’s a look at some of the data set to released in the day vanguard:
- India: Wholesale Price Index for June at 2:30 p.m. HK/SIN
— CNBC’s Fred Imbert and Huileng Tan contributed to this boom.