Asian markets exhibited mixed performance on Monday, influenced by China's disappointing GDP data and a stronger dollar driven by increased expectations of Donald Trump's victory in the forthcoming presidential election, following an assassination attempt on him Saturday.
Gold prices edged toward $2,400 per ounce in Asian trading, while oil prices remained relatively stable.
China's Shanghai Composite Index closed a turbulent session with a slight gain of 0.1% at 2,974.01. The People's Bank of China kept the medium-term lending facility rate steady, and data revealed a deceleration in China's economic recovery in Q2. This development adds pressure on Beijing to introduce significant economic stimulus at the upcoming biennial policy meeting.
The National Bureau of Statistics reported a 4.7% year-on-year growth in China's GDP for the second quarter of 2024, falling short of the anticipated 5.1% increase and down from the previous quarter's 5.3% growth.
June's industrial output exceeded expectations, but retail sales disappointed, and fixed asset investment figures were in line with forecasts.
Housing prices declined by 4.5% year-on-year, following a 3.9% drop in May. The unemployment rate remained stable at 5.0%, meeting projections.
In Hong Kong, the Hang Seng Index plunged 1.52% to 18,015.94, coinciding with the commencement of China's third plenum to outline the economic strategy for the next decade.
Japanese markets were closed due to a public holiday.
In South Korea, stocks saw a modest increase ahead of a busy week that will feature speeches from Fed Chair Jerome Powell, U.S. retail sales figures, and Eurozone inflation data. The Kospi Index inched up 0.14% to 2,860.92.
Australian markets experienced significant gains, reaching record highs. Leading the rally were banks and miners, buoyed by a robust finish on Wall Street on Friday. The S&P/ASX 200 rose 0.73% to 8,017.60, while the broader All Ordinaries Index increased by 0.69% to 8,262.40.
New Zealand's S&P/NZX-50 Index experienced a marginal decline, closing at 12,123.14 after a volatile session. Earlier in the day, a survey indicated that New Zealand's services sector continued to contract in June, and at an accelerated pace.
U.S. stocks finished higher on Friday, with large-cap stocks bouncing back from significant losses in the previous session amid expectations of rate cuts by the Federal Reserve. Investors overlooked slightly higher-than-expected U.S. producer price increases in June, attributed to a rise in service costs.
The three major U.S. indices each gained approximately 0.6%, despite declines in Wells Fargo, JP Morgan Chase, and Citigroup following the release of their quarterly earnings reports.
