ASIA MARKETS: Asia Stocks Retreat On Softer-than-expected Chinese Data
July 16 2018 - 12:13AM
Dow Jones News
By Sue Chang, MarketWatch
China's second-quarter GDP grew 6.7% year-on-year
Stocks in Asia fell Monday following Chinese economic data which
suggested that the world's second largest economy may be losing
steam.
China's economy expanded 6.7% year-on-year in the second
quarter, slowing from 6.8% in the previous quarter, Dow Jones
Newswires reported. The figure was in line with expectations but
the slower number comes at a time when Beijing is gearing up for a
trade fight with the U.S.
Industrial output grew 6% in June, noticeably slowing from 6.8%
pace in May.
"Growth in industry slowed further in June, underscoring the
downward pressures on growth going into second half," said Louis
Kuijs, head of Asia economics at Oxford Economics, in a note. "We
expect growth in second half to be challenged by the slow credit
growth and softer real estate activity. Also, the intensifying
trade conflict with the U.S. will start to weigh on growth."
The Shanghai Composite slid 0.5%, while Hong Kong's Hang Seng
(HSI.V) was fractionally lower after erasing most of earlier
losses.
Korea's Kospi shed 0.2% and Australia's benchmark dropped 0.3%.
Taiwan's Taiex was flat and Japan's markets were closed due to a
national holiday.
(END) Dow Jones Newswires
July 15, 2018 23:58 ET (03:58 GMT)
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