Nikkei 225 added 0.6% to 41,399.72, Hang Seng index slipped 1.5% to 17,747.65, the Shanghai Composite index dropped 0.4% to 2,963.25, Kospi gained 0.3% to 2,869.15, while S&P/ASX 200 slipped 0.1% to 8,011.10
Asian stocks were mixed on Tuesday as investors grappled with the weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing.
Japan’s benchmark Nikkei 225 added 0.6% to 41,399.72 after reopening from a holiday.
Hong Kong’s Hang Seng index slipped 1.5% to 17,747.65 and the Shanghai Composite index dropped 0.4% to 2,963.25.
Markets were still digesting the set of weaker economic data of China released Monday, when the government reported that annual economic growth had dropped from 5.3% in the first quarter to 4.7% in the second quarter.
This led some economists to cut their growth forecasts. Goldman Sachs revised its forecast for China’s annual economic growth to 4.9% from a previous estimate of 5.0%. JP Morgan cut their full-year outlook for China’s 2024 GDP growth to 4.7% from an earlier projection of 5.2%.
Further policies were expected to be released during this week’s four-day economic meeting, a plenary meeting of the ruling Communist Party. It is expected to set strategies and policies for the coming decade, in line with leader Xi Jinping’s push to pursue advances in future technologies.
South Korea’s Kospi gained 0.3% to 2,869.15 and Australia’s S&P/ASX 200 slipped 0.1% to 8,011.10.
On Monday, Wall Street’s momentum kept driving it upward.
The S&P 500 added 0.3% to 5,631.22, closing just short of its all-time high set last week. It is coming off its 10th winning week in the last 12, lifted in large part by expectations that inflation is slowing enough to convince the Fed to lower interest rates soon.
The DJIA jumped 0.5% to 40,211.72 and set its own record, while the Nasdaq composite gained 0.4% to 18,472.57 and closed a bit short of its high.
