Asia-Pacific stocks mostly slip as data shows China’s economy grew less than expected
SINGAPORE — Stocks in Asia-Pacific mostly traded lower Monday morning as investors reacted to the release of key Chinese economic data.
In mainland China, the Shanghai composite slipped 0.69% while the Shenzhen component declined 0.954%. The Hang Seng index in Hong Kong fell 0.44%.
China’s gross domestic product grew 4.9% in third quarter, official data showed Monday. That was below expectations of analysts in a Reuters poll for a 5.2% expansion. Industrial production also missed forecasts, rising 3.1% in September, against expectations in a Reuters poll for a 4.5% increase.
Elsewhere, the Nikkei 225 in Japan shed 0.37% while the Topix index declined 0.4%. South Korea’s Kospi fell 0.23%.
Shares in Australia outperformed, with the S&P/ASX 200 advancing 0.38%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.1% lower.
U.S. crude tops $83 per barrel
Oil prices were higher in the morning of Asia trading hours, with U.S. crude futures gaining 1.35% to $83.39 per barrel. International benchmark Brent crude futures rose 0.94% to $85.66 per barrel.
Shares of oil companies also advanced in Monday trade, with Australia’s Beach Energy up 2.42% while Santos climbed 0.75%. In Japan, Inpex’s stock surged 4.36%. Hong Kong-listed shares of CNOOC also gained 0.46%.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.008 after a recent weakening from above 94.2.
The Japanese yen traded at 114.02 per dollar, having weakened late last week from below 114.1 against the greenback. The Australian dollar changed hands at $0.7413, largely holding on to gains after last week’s climb from below $0.732.