On Monday, July 15, 2024, Asian stock markets showed mixed results as investors processed China’s disappointing GDP growth.
They also monitored a crucial political meeting in China. The Shanghai Composite, a key Chinese index, rose slightly by 0.09%, reaching 2,974.01 points.
Conversely, the smaller Shenzhen Composite fell by 0.83%, ending at 1,604.01 points.
China’s GDP increased by 4.7% in the second quarter, missing the expected 5.1% rise. Although retail sales in June underperformed, industrial production surpassed expectations.
These economic updates coincided with the start of the Communist Party of China’s Third Plenary Session.
This four-day meeting will likely address potential economic stimuli and policy directions.
Meanwhile, the People’s Bank of China maintained several major interest rates, including the medium-term lending rate at 2.5%.
Observers also scrutinized the response to an assassination attempt on former U.S. President Donald Trump.
Analysts believe this could impact his chances against President Joe Biden in the upcoming November elections, although it barely affected financial markets.
Asian Stocks Waver as Chinese GDP Misses Expectations
In other parts of Asia, the Hang Seng Index in Hong Kong dropped 1.52% to 18,015.94 points.
The Kospi in South Korea posted a modest gain of 0.14%, closing at 2,860.92 points, while Taiwan’s Taiex dipped by 0.16% to 23,879.36 points. Tokyo’s markets remained closed due to a holiday.
In Oceania, the Australian stock market hit another record, driven by technology stock gains.
The S&P/ASX 200 rose by 0.73%, surpassing the 8,000-point mark for the first time, ending at 8,017.60 points.
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