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Asian stocks fell on Monday as new data showed that the Chinese economy was slowing slightly in the second quarter, compounded by fears of a large-scale Sino-US trade war on the markets.
In the second quarter of 2018, the 6.8% growth registered in each of the previous three quarters has been mitigated.
While GDP figures were in line with market expectations, the new data also show slower growth than expected in Chinese industrial production. The data show that the economy continues to slow under the effect of a multi-year crackdown on excessive financial risk, even though trade tends to slow down and some badysts are calling for more government measures energetic to support growth.
But Jim McCafferty, Head of Equity Research, Nomura Asia Outside Japan, said China's underlying economic data "seems to be quite robust."
"I would be incredulous China's GDP growth could be maintained at historical levels, so I think that there has always been an anticipation of a gradual slowdown, but the slowing of the growth rate is probably less than what the market really wants to believe, "he said.
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" That's why I think the markets are nervous, because there is no precedent for this type of behavior, "he said. .
After briefly discussing the first gains of China's Shanghai Composite Index and the CSI300 first-order index fell 0.5%
. The Hang Seng Hong Kong index fell by less than 0.1%. but the China Enterprises index was hit hardest, down 0.6%.
Australian stocks fell 0.3% and the Seoul Kospi lost 0.1%.
Chinese markets closed for holidays
China's soft data has dampened investor sentiment on Wall Street, buoyed by strong earnings from industrial and energy companies. offset investors' concerns about the US-China trade war.
US equity futures hit a new five-month high on Monday. The futures on the S & P500 e-mini, the most liquid stock index futures in the world, rose 0.2% in the first Asian countries since February 2nd.
The dollar rose 0.1% against the yen at 112.48.
The euro stagnated today at $ 1,1681, and the dollar index, which tracks the greenback against a basket of six major rivals, also stagnated at 94,740.
The main currencies have been in a state of waiting in recent days thanks in part to a lull in Sino-US trade skirmishes. Investors were also waiting for China's data and are still turning to June's retail sales figures to gauge the state of global growth.
The US Federal Reserve reiterated Friday its semi-annual report on monetary policy in the US Congress According to ANZ badysts, the Fed's report "produced few surprises," but noted that trade tensions continue to weigh on commodity markets. and US consumer confidence
The price of US crude oil fell 0.5% to $ 70.69 a barrel, due to worries over supply disruptions that had pushed up prices . Brent crude oil price fell 0.5% to $ 74,895 a barrel
Rising dollar pushed gold prices down to seven months, but gold rose 0 , 2% Monday, trading at $ 1243.46 an ounce
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