ASIA MARKETS / Mixed – Chinese equity markets burdened by GDP | News

Author: Steffen Gosenheimer

TOKIO / HONG KONG (Dow Jones) – The lower-expected economic growth in the second quarter caused a sell-off on the Chinese stock markets on Friday. Due to the coronavirus blockade, China’s GDP only increased by 0.4%. compared to the previous year, but economists estimated the increase at 0.9 percent. Beijing’s target for annual growth of 5.5 percent is therefore likely illusory. At the same time, industrial production in June fell short of expectations.

In Shanghai, the composite index lost 1.6 percent, in Hong Kong it fell even more by 2.0 percent. (late trade). Prices also fell in Sydney, where the ASX-200 lost 0.7 percent. If things are not going well in China, an important customer country, Australian companies are likely to be affected as well – especially in the raw materials sector.

On the other hand, things went up in Seoul (+ 0.4%) as well as Tokyo, where the Nikkei index rose 0.5% to 26,788 points ahead of the weekend that was extended on Monday due to a public holiday. One of the drivers was the yen, which continued to decline against the dollar. The dollar is currently trading at 138.78 yen, compared to around 136 yen at the end of last week.

Some support also came from US regulations. The local indices did not change much after a very poor start. The statements of US central bankers Waller and Bullard, who, contrary to what has been recently speculated on the market, were helpful in this respect. rate hike by a full percentage point at the end of July, even if the latest US price data turned out to be even higher than previously feared.

real estate stocks stay in the spotlight

In China, the focus continued on real estate stocks and mortgage lenders, after individual borrowers recently refused to service their mortgages because construction projects were incomplete. In addition, owner-occupied housing prices continued to decline in June. Greenland Holdings lost 8.8 percent, China Vanke lost 4.8 percent and Country Garden 8.3 percent.

BYD gained 3.3 percent after an electric car maker more than doubled its first-half earnings.

In Tokyo, the focus is on energy sector stocks, and the government plans to restart more nuclear power plants to ensure security of supply. Tokyo Electric Power was down 0.3 percent after periodic gains, while Kansai Electric Power gained 2.4 percent. Just the day before, Tokyo Electric’s value plummeted, overwhelmed by reports that those responsible had previously been held responsible for the Fukushima disaster.

Fast Retailing increased by 8.7 percent. The retailer improved its prospects after strong third-quarter data.

Rio Tinto was down 2.9 percent in Sydney. In addition to the disappointing signal of growth from China, the overall cautious forecast in the commodity giant’s production report slowed things down. Commodity sub-index lost 3.2 percent.

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Index (stock market) last +/-%% YTD end

S & P / ASX 200 (Sydney) 6,605.60 -0.7% -11.3% 08:00

Nikkei-225 (Tokyo) 26 788.47 + 0.5% -7.5% 08:00

Kospi (Seoul) 2 330.98 + 0.4% -21.7% 08:00

Shanghai Comp. 3 228.06 -1.6% -11.1% 09:00

Hang Seng (Hong Kong) 20 326.32 -2.0% -11.5% 10:00

Taiex (Taiwan) 14 550.62 + 0.8% -20.1% 07:30

Strait times (Sing.) 3 091.51 + 0.0% -1.2% 11:00

KLCI (Malaysia) 1,417.73 -0.2% -9.4% 11:00

BSE (Bombay) 53,442.72 + 0.0% -8.3% 12:00

FOREX last + / -% 00:00 Thu 9:40% YTD

EUR / USD 1.0021 + 0.0% 1.0019 1.0030 -11.9%

EUR / JPY 138.92 -0.2% 139.24 139.38 + 6.1%

EUR / GBP 0.8483 + 0.1% 0.8472 0.8458 + 1.0%

GBP / USD 1.1812 -0.1% 1.1826 1.1859 -12.7%

USD / JPY 138.64 -0.2% 138.98 138.91 + 20.4%

USD / KRW 1,328.38 + 0.8% 1,317.53 1,312.70 + 11.7%

USD / CNY 6.7683 + 0.2% 6.7561 6.7393 + 6.5%

USD / CNH 6.7791 + 0.2% 6.7659 6.7515 + 6.7%

USD / HKD 7.8500 + 0.0% 7.8499 7.8500 + 0.7%

AUD / USD 0.6728 -0.3% 0.6745 0.6765 -7.3%

NZD / USD 0.6128 + 0.1% 0.6123 0.6115 -10.2%

Bitcoin

BTC / USD 20 603.93 + 0.7% 20 452.89 19 954.13 -55.4%

ROHL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 95.82 95.78 + 0.0% 0.04 + 32.8%

Brent / ICE 99.32 99.10 + 0.2% 0.22 + 32.6%

GAS VT close +/- EUR

Dutch TTF 175.80 175.71 -0.7% -1.24 + 30.7%

METALS last day before +/-% +/- USD% YTD

Gold (spot) 1,704.90 1,709.94 -0.3% -5.05 -6.8%

Silver (Spot) 18.23 18.41 -1.0% -0.18 -21.8%

Platinum (Spot) 845.30 847.28 -0.2% -1.98 -12.9%

The future of copper 3.14 3.21 -2.3% -0.07 -29.3%

YTD at the end of the day

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Contact the author: maerkte.de@dowjones.com

DJG / DJN / gos / ros

(END) Dow Jones Newswires

Jul 15, 2022 03:11 ET (7:11 GMT)

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