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Asian markets start a lacklustre Monday as China reveals weak data

  • Regular
  • Asian Market
  • 2 months ago
  • 17

Asian indices ended a disappointing session earlier today as weak data from China and a rise in oil prices weighed on investors.

China’s industrial production increased by 4.4% year-on-year in August 2019, easing from a 4.8% rise in the previous month and missing market consensus of 5.2%. Making it the smallest gain in industrial output since February 2002, mainly due to the ongoing trade spat with the US.

Chinese Premier Li Keqiang stated that it would be hard for China’s economy to continue the expected growth rate of 6% due to the current global situation.said in an interview it will be “very difficult” for the country’s economy to grow at an annual rate of 6%

Its mainland indices however had a mixed result as the Shenzhen composite edged higher by 0.3% while the Shanghai composite remained flat throughout the session.

Over in Hong Kong the Hang Seng sunk by 1% while in Seoul the Kospi closed the exchange higher by 0.5%.

Japan’s Nikkei 225 was closed due to a holiday while in Australia the ASX 200 did not see much action as it remained flat.

 

 

Source: Smart Trend Team