Asian Shares Mixed After Dismal China GDP Data

RTTNews | 1062 दिनों पहले
Asian Shares Mixed After Dismal China GDP Data

(RTTNews) - Asian stocks ended mixed on Friday as China GDP growth data missed forecasts and two Fed officials played down the bet for a 100-bps rate hike at the U.S. central bank's July 26-27 meeting.

Chinese shares fell sharply after official data showed GDP grew 0.4 percent year-on-year in the second quarter, missing expectations for 1 percent growth.

However, retail sales rose 3.1 percent in June to recover from a prior slump.

The benchmark Shanghai Composite index slumped 1.64 percent to 3,228.06 while Hong Kong's Hang Seng index closed 2.19 percent lower at 20,297.72.

Alibaba Group Holding shares plummeted 6 percent after reports that the tech giant's executives had been called in for meetings with Chinese officials over the theft of a vast police database.

Japanese shares advanced to extend gains for a third straight session. The Nikkei average rose 0.54 percent to 26,788.47, with Uniqlo parent Fast Retailing rising 8.7 percent and video game maker Nintendo rallying 3.2 percent. The broader Topix index ended marginally lower at 1,892.50.

Kansai Electric Power gained 2.4 percent and Chubu Electric Power added 1.8 percent after Prime Minister Fumio Kishida said the government will do what it can to ensure as many as nine reactors are online this winter.

Seoul stocks eked out modest gains, with automakers and technology companies pacing the gainers. The Kospi average closed 0.37 percent higher at 2,330.98 while the Korean won hit the lowest level in over 13 years against the U.S. dollar.

Samsung Electronics climbed 4.4 percent and SK Hynix jumped 5 percent after TSMC announced its net profit soared 76 percent to a record level in the April-June quarter.

Australian markets fell notably, dragged down by miners after Rio Tinto flagged dismal second-half earnings. The benchmark S&P ASX 200 fell 0.68 percent to 6,605.60 while the broader All Ordinaries index closed 0.74 percent lower at 6,798.

Rio Tinto shares tumbled 2.9 percent, rival BHP lost 3.5 percent and Fortescue Metals Group plunged 6.2 percent. Gold miners Newcrest and Northern Star gave up 3-4 percent.

Across the Tasman, New Zealand's NZX-50 index dropped 0.58 percent to 11.122.61 on growth worries after a survey showed the country's manufacturing sector fell back into contraction territory in June.

Jewelry retailer Michael Hill jumped 3.7 percent after reporting improves sales and margins in the June quarter.

Singapore's Straits Times index edged up slightly after the country's central bank tightened its monetary policy in an off-cycle move.

U.S. stocks climbed well off their worst levels of the day on Thursday but still ended broadly lower, reflecting disappointing earnings news from financial giants JPMorgan Chase and Morgan Stanley.

A key measure of U.S. wholesale and business prices increased more than expected in June and new claims for unemployed benefits hit an eight-month high last week, adding to fears of a possible recession.

The Dow ended half a percent lower and the S&P 500 edged down 0.3 percent while the tech-heavy Nasdaq Composite finished on a flat note.

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