The Asian stock markets showed a mixed picture on Monday. Among other things, investors processed China’s economic growth rate, which showed the weakest growth in at least 27 years in the second quarter. The weak growth rate provided some hope for more economic stimulus measures by Beijing. However, Chinese industrial production and retail sales increased more than expected last month.
The Hang Seng index in Hong Kong recorded 0.1 percent in the plus in the meantime and the stock market in Shanghai added 0.3 percent. The Chinese economy grew by 6.2 percent last quarter. Industrial production and retail sales in the country increased by 6.3 and 9.8 percent respectively last month. The Kospi in Seoul fell 0.1 percent. The financial markets in Tokyo were closed due to a national holiday.
In Australia, the All Ordinaries finished 0.6 percent in the min. The Australian asset manager AMP plummeted 15.7 percent. The company announced that it is unlikely to continue with the plan to sell its life insurance and capital protection activities.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.