China's weak data sends Asian markets in negative territory
- Asian Market
- 1 month ago
Asian markets are taking another beating as China’s economic data for November missed expectations.
Industrial output in rose by 5.4% compared to the previous year ago and lower than the forecasted 5.9% which was the benchmark of the previous month of October.
Retail sales were up by 8.1%, lower than the expected 8.8% and below the previous figure for October of 8.6%.
Fixed asset investment climbed by 5.9% from January to November, slightly above the expected 5.8%.
Following the announcements, Hong Kong’s Hang Seng Index dropped by 1.55%, the Shanghai composite was 0.54% lower and the Shenzhen Composite fell by 0.71%.
South Korea’s Kospi also fell by 1.40% because of the data releases by Beijing and Japan’s Nikkei225 and the Topix index dropped 1.40% and 1.45% respectively.
Australia's ASX 200 dropped by 1.08% as the Australian dollar, which was near flat against the U.S. dollar earlier on Friday, fell 0.55%.
Source: Smart Trend Team