{"id":36744,"date":"2023-07-17T10:35:56","date_gmt":"2023-07-17T14:35:56","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/asian-stocks-muted-chinese-shares-slide-on-weak-gdp\/"},"modified":"2023-07-17T10:35:57","modified_gmt":"2023-07-17T14:35:57","slug":"asian-stocks-muted-chinese-shares-slide-on-weak-gdp","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36744","title":{"rendered":"Asian stocks muted, Chinese shares slide on weak GDP"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — Most Asian stocks moved in a flat-to-low range on Monday, while Chinese markets fell sharply after data showed that economic growth in the country slowed substantially through the second quarter.\u00a0<\/p>\n

Regional trading volumes were somewhat slim, on account of a market holiday in Japan and a trading halt in Hong Kong, as the city faces its first major typhoon this year.<\/p>\n

A rally in Asian technology stocks, triggered by waning expectations for more U.S. interest rate hikes this year, now appeared to have run out of steam, with concerns over slowing growth in the region\u2019s largest economy taking the helm.<\/p>\n

Chinese stocks sink on weak Q2 GDP, waning rate cut bets<\/h2>\n

China\u2019s and indexes were by far the worst performers in Asia, down over 1% each after data showed that economic growth slowed in the second quarter.<\/p>\n

China\u2019s (GDP) rose 0.8% in the second quarter from the first. The reading was higher than expectations for growth of 0.5%, but substantially weaker than the 2.2% jump recorded in the first quarter.\u00a0<\/p>\n

The missed expectations, growing 6.5% against expectations of 7.3%. But the reading was largely driven by a weak basis for comparison from 2022, when China was still maintaining its strict zero-COVID policy.<\/p>\n

Monday’s data showed that an economic recovery in Asia\u2019s largest economy was running out of steam, and that the government will likely need to roll out more stimulus measures in the coming months.<\/p>\n

But bets on more interest rate cuts in the country were also dented, as the People\u2019s Bank of China kept its medium-term lending rates steady on Monday. The move indicates that the PBOC will also hold its benchmark steady later this week.<\/p>\n

Weakness in China bodes poorly for other Asian economies, given their dependence on the country as a trading hub. South Korea\u2019s fell 0.3% on Monday, while Australia\u2019s edged 0.1% lower.\u00a0<\/p>\n

The index rose slightly, while led losses across Southeast Asia with a 0.6% decline.<\/p>\n

Indian stocks at record highs, earnings in focus\u00a0<\/h2>\n

Futures for India\u2019s index pointed to a flat open for local stocks, after both the Nifty and the notched record highs on Friday.<\/p>\n

Optimism over the Indian economy, heavy exposure to technology stocks, and some positive earnings have been major drivers of an Indian stock rally over the past month.\u00a0<\/p>\n

A string of major financial, industrial, and consumer sector earnings are due this week, and are set to shed more light on local firms amid a fairly robust economic background.\u00a0<\/p>\n

But any disappointment in earnings may trigger steep losses in Indian stocks, with analysts warning that valuations are already stretched.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — Most Asian stocks moved in a flat-to-low range on Monday, while Chinese markets fell sharply after data showed that economic growth in the country slowed substantially through the second quarter.\u00a0 Regional trading volumes were somewhat slim, on account of a market holiday in Japan and a trading halt in Hong Kong, […]<\/p>\n","protected":false},"author":1,"featured_media":36745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-36744","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAsian stocks muted, Chinese shares slide on weak GDP | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- Most Asian stocks moved in a flat-to-low range on Monday, while Chinese markets fell sharply 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