Stock market today: Asian shares are mixed as China reports its economy grew 4.7% in last quarter
Asian shares began the week trading mixed as China reported that its economy expanded at a 4.7% annual pace in the last quarter
Asian shares began the week trading mixed as China reported that its economy expanded at a slower-than-forecast 4.7% annual pace in the last quarter.
Markets seemed to take in stride a shooting at a rally for former President Donald Trumpin Butler, Pennsylvania that is being investigated as an attempted assassination of the presumptive Republican nominee.
The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.2%.
Leaders of the ruling Communist Party began a four-day meeting in Beijing to set economic strategy for the coming decade as investors watched for signs of measures to help revive the slumping property market and address huge local government debts.
Annual economic growth fell from 5.3% in the first quarter but the 5% pace of growth in the first half of the year was in line with the government's forecast for about 5% growth for 2024. In quarterly terms, the economy expanded 0.7%.
“The set of economic data releases from China this morning has not been promising ahead of their upcoming Big Plenum, with the data once again pointing to a mixed bag for the world’s second largest economy,” Yeap Jun Rong of IG said in a commentary.
Hong Kong's Hang Seng fell 1.1% early Monday to 18,094.22 on selling of property developers. The Shanghai Composite slipped 0.1% to 2,969.46.
The central bank left its medium-term lending rate unchanged, as expected, at 2.5%. It's the rate for Chinese banks to borrow from the People's Bank of China for 6 months to one year and indirectly affects other benchmark rates that affect interest rates on mortgages and other loans.
Markets in Tokyo
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