Asian stock markets mostly trade higher after China's August economic data

China’s retail sales rise rose 0.5% in August for the first time this year, according to the National Bureau of Statistics.

Sep 15, 2020 10:09 IST India Infoline News Service

Asian stock markets were trading mostly higher after China’s August economic data released on Tuesday morning.

China’s retail sales rise rose 0.5% in August for the first time this year, according to the National Bureau of Statistics. Industrial production was up by 5.6% in August from a year ago while fixed-asset investment declined 0.3% for the first eight months of the year.

Reacting to this news, Chinese stocks edged higher, with the Shanghai Composite above the flatline and the Shenzhen component advanced 0.23%. Hong Kong’s Hang Seng index gained 0.48%, South Korea’s Kospi was 0.49%, the S&P/ASX 200 was fractionally higher.

However, Japanese stocks lagged, as the Nikkei 225 slipped 0.47% while the Topix index shed 0.68%.

Meanwhile, US stocks ended sharply higher on Monday as signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism. The Dow Jones Industrial Average rose 327.69 points, or 1.18%, to 27,993.33, the S&P 500 gained 42.57 points, or 1.27%, to 3,383.54 and the Nasdaq Composite added 203.11 points, or 1.87%, to 11,056.65.

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