Asian stocks are trading broadly lower Monday after China’s
first-quarter GDP report missed analysts’ estimates, stoking concerns
that the recovery in the world’s second-largest economy is going slower
than many market participants had hoped.
In Asian trading Monday, Japan’s Nikkei 225 is down 1.21%. USD/JPY traded higher earlier in the session, but reversed course and is now lower, furthering the selling pressure on Japanese shares.
Hong Kong’s Hang Seng slipped 1.32% while the Shanghai Composite fell 0.64% after China’s National Bureau of Statistics said the country’s GDP rose 7.7% in the first quarter on a year-over-year basis. Analysts expected growth of 8%.
In a separate report, the National Bureau of Statistics said industrial production rose 8.9% last month following a 9.9% increase in February. Analysts expected a March gain of 10%.
China’s retail sales grew 12.4% in the first quarter but that figure is down 2.4% on a year-over-year basis. The National Bureau of Statistics cited the government’s efforts to curb fiscal spending as one reason the retail sales number disappointed.
Australia’s S&P/ASX 200 slipped 1.1% following the Chinese data points. China is Australia’s largest trading partner. Gold miners, imperiled by bullion’s latest slide, are also weighing on Australian equities. U.S. data points from last week are also weighing on Australian stocks and AUD/USD.
Last Friday, the U.S. Commerce Department said in a report Friday that retail sales fell 0.4% in March, the largest decline in nine months and missing expectations for a 0.1% increase.
New Zealand’s NZSE 50 rose 0.04% to be one of the few bright spots in the region today, though that performance is somewhat surprising given that New Zealand is also heavily dependent on trade with China as an economic driver.
South Korea’s Kospi dropped 0.68% while Singapore’s Straits Times Index declined 0.28%. Singapore released a disappointing GDP number of its own last week.
S&P 500 futures are lower by 0.22%. The benchmark U.S. index gained more than 2% last week.
In Asian trading Monday, Japan’s Nikkei 225 is down 1.21%. USD/JPY traded higher earlier in the session, but reversed course and is now lower, furthering the selling pressure on Japanese shares.
Hong Kong’s Hang Seng slipped 1.32% while the Shanghai Composite fell 0.64% after China’s National Bureau of Statistics said the country’s GDP rose 7.7% in the first quarter on a year-over-year basis. Analysts expected growth of 8%.
In a separate report, the National Bureau of Statistics said industrial production rose 8.9% last month following a 9.9% increase in February. Analysts expected a March gain of 10%.
China’s retail sales grew 12.4% in the first quarter but that figure is down 2.4% on a year-over-year basis. The National Bureau of Statistics cited the government’s efforts to curb fiscal spending as one reason the retail sales number disappointed.
Australia’s S&P/ASX 200 slipped 1.1% following the Chinese data points. China is Australia’s largest trading partner. Gold miners, imperiled by bullion’s latest slide, are also weighing on Australian equities. U.S. data points from last week are also weighing on Australian stocks and AUD/USD.
Last Friday, the U.S. Commerce Department said in a report Friday that retail sales fell 0.4% in March, the largest decline in nine months and missing expectations for a 0.1% increase.
New Zealand’s NZSE 50 rose 0.04% to be one of the few bright spots in the region today, though that performance is somewhat surprising given that New Zealand is also heavily dependent on trade with China as an economic driver.
South Korea’s Kospi dropped 0.68% while Singapore’s Straits Times Index declined 0.28%. Singapore released a disappointing GDP number of its own last week.
S&P 500 futures are lower by 0.22%. The benchmark U.S. index gained more than 2% last week.
