Asian markets gain as China releases its GDP data

According to data released Monday by the country’s National Bureau of Statistics, China’s third-quarter GDP grew 4.9% as compared to a year ago.

Oct 19, 2020 10:10 IST India Infoline News Service

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Asian stock markets were trading higher on Monday with the Nikkei 225  index climbed 1.1% while the Topix index added 1.3%.

Hong Kong’s Hang Seng index jumped 1.23%, South Korea’s Kospi advanced 0.57% and shares in Australia rose, with the S&P/ASX 200 up about 1.1%.

Mainland Chinese stocks were higher, with the Shanghai Composite up 0.67% and the Shenzhen Component gained 0.51%.

According to data released Monday by the country’s National Bureau of Statistics, China’s third-quarter GDP grew 4.9% as compared to a year ago.

In the first three quarters, China’s GDP expanded 0.7% yoy, returning to growth after the 1.6% contraction in the first half of the year and the 6.8% slump in Q1, the data showed.

In Japan, Japan’s exports fell 4.9% as compared to a year earlier in September, according to trade statistics released by the country’s Ministry of Finance on Monday.

Further, oil prices were lower with international benchmark Brent crude futures down around 0.2% to $42.85 per barrel and U.S. crude futures were more than 0.2% lower at $40.78 per barrel.

On Friday, The Dow Jones Industrial Average rose 0.39% and S&P 500 gained 0.47 points; Nasdaq Composite, however, dropped 0.36%.

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