Asian equity markets started the week mixed as fresh signs of slowing growth in China weighed on sentiment. Over the weekend, data showed Chinese industrial profits fell in August by 0.6 percent from a year ago, a far cry from last month’s 13.5 percent rise. The figures follow weak data earlier this month -factory output grew at its weakest pace in nearly six years in August, heightening expectations that Beijing’s economy is in need of increased stimulus measures.
Pro-democracy protests in Hong Kong were also in focus after riot police fired rounds of tear gas on Sunday. Still, demonstrators continued to block roads early Monday, leading schools and banks in areas affected by the blockades to close.
Gains on Wall Street last week helped to cap losses in the region. The Dow and Nasdaq climbed 1 percent each while the S&P 500 bounced 0.9 percent after the government revised its gross domestic product estimate to an annualized 4.6 percent, up from the prior forecast of 4.2 percent.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015