Asian markets open cautious ahead of China growth data

Shares in Hong Kong and Shanghai pared declines as activity data in retail and industrial production topped estimates, though indexes across the region remained lower.

Jul 15, 2019 03:07 IST India Infoline News Service

Asian stocks began the week with a cautious tone as investors digested data showing Chinese economic growth slowed in the second quarter amid expectations for further policy support.

Shares in Hong Kong and Shanghai pared declines as activity data in retail and industrial production topped estimates, though indexes across the region remained lower. Futures on the S&P 500 Index were flat after the US gauge climbed Friday to a fresh all-time high. Japan is closed for a holiday so equities won’t trade and Treasuries will be shut until the London open. Treasury futures were little changed after the yield on the 10-year note ended last week at 2.12%, near a one-month high.

Chinese growth moderated to 6.2% from 6.4% in the first quarter. Later this week, comes retail sales data in the US and a slew of speeches by policy makers including Federal Reserve Chairman Jerome Powell. And earnings season gets under way too, with Citigroup Inc. on Monday.

Elsewhere, Bitcoin sank 15% since Friday as criticism from President Donald Trump put focus back on this year’s surge. Hong Kong Exchanges shares fell after Anheuser-Busch InBev suspended what would have been the year’s largest IPO.

The yen was steady at 107.94 per dollar.The offshore yuan remained at 6.8789 per dollar. The euro bought $1.1271.

West Texas Intermediate crude fell 0.4% to $59.95 a barrel. Gold slipped 0.2% to $1,412.74 an ounce.

Source: Bloomberg

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