Stock market today: Asian stocks mixed after China reports weak July data and cuts key interest rate

Asian stock markets are mixed after China reported weak July consumer and business activity and its central bank cut a key interest rate to shore up the struggling economy

BEIJING — Asian stock markets were mixed Tuesday after China reported weak July consumer and business activity and its central bank cut a key interest rate to shore up the struggling economy.

Shanghai and Hong retreated while Tokyo and Sydney gained. Oil prices rose.

The Shanghai Composite Index lost 0.1% to 3,174.59 after growth in Chinese consumer spending, factory output and investment slowed more than expected. The People's Bank of China cut its interest rate on one-week loans to banks. The Hang Seng in Hong Kong fell 1% to 18,584.42.

“Policymakers are starting to hit the panic button,” said Stephen Innes of SPI Asset Management in a report.

The Nikkei 225 in Tokyo gained 0.8% to 32,315.61 and Sydney’s S&P-ASX 200 rose 0.6% to 7,320.60.

Korean markets were closed for a holiday. New Zealand gained while Singapore and Jakarta declined.

Chinese leaders are trying to shore up flagging economic growth without resorting to an across-the-board stimulus they worry will push up debt they think is already dangerously high.

Official data Tuesday showed growth in retail sales declined to 2.5% over a year earlier in July from the previous month’s already low 3.1%. Growth in factory output and investment also decelerated despite promises by the ruling Communist Party to support entrepreneurs.

Economic growth slid to 0.8% over the previous quarter in the three months ending in June from the January-March period's 2.2%.

On Wall Street, the benchmark S&P 500 index gained 0.6% to 4,489.72 on Monday ahead of an update on U.S. retail spending that traders hope will