Market Commentary - Foreign Markets
Chinese Markets End Marginally Higher As Economy Loses Steam In Q2 As on : 15-Jul-24  17:32

Asian stocks ended mixed on Monday as China's GDP data disappointed and the dollar firmed up on bets that Donald Trump will win the upcoming presidential election after an assassination attempt on his life Saturday.

China's Shanghai Composite index ended a choppy session marginally higher at 2,974.01 as the country's central bank left the medium-term lending facility rate unchanged and data showed China's economic recovery lost steam in Q2, piling pressure on Beijing to make a major economic stimulus announcement at a twice-a-decade policy meeting.

China's GDP expanded 4.7 percent year-on-year in the second quarter of 2024, the National Bureau of Statistics said. That was shy of expectations for an increase of 5.1 percent and down from 5.3 percent in the three months prior.

The bureau also said that industrial production climbed 5.3 percent on year, beating forecasts for 4.9 percent but still down from 5.6 percent in May. Retail sales rose an annual 2.0 percent in June, missing forecasts for 3.3 percent and down from 3.7 percent in the previous month.

Fixed asset investment advanced 3.9 percent on year, in line with expectations and easing from 4.0 percent a month earlier. House prices were down 4.5 percent on year after slumping 3.9 percent in May. The jobless rate came in at 5.0 percent, matching expectations and unchanged.

Hong Kong's Hang Seng index tumbled 1.52 percent to 18,015.94 as China's third plenum kicked off to set economic strategy for the coming decade.

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