Nikada/E+ via Getty Images
The Asia-Pacific equity market were mixed on Monday after fresh data showed the Chinese economy grew less than expected in Q2 of 2024 amid mounting internal and external headwinds, and the market participants were also nervous following an assassination attempt on former US President Trump Saturday.
Japan (NKY:IND) market closed. The Japanese yen steadied around 158 per dollar in holiday-thinned trade on Monday.
On the monetary policy front, investors look forward to the BOJ’s policy meeting in late July, where it is expected to announce its bond purchase tapering plans and possibly raise interest rates again.
China (SHCOMP) +0.16%. After the official data showed, China’s Q2 GDP grew less than expected due to a persistent property downturn and weak domestic demand.
Also, retail sales in June fell to a 17-month low of 2%, indicating a significant slowdown in consumer spending. Conversely, industrial production rose by 5.3% in June, surpassing market expectations despite being the softest growth in three months.
China’s surveyed unemployment rate stood at 5% in June 2024, unchanged from the previous month and matching market forecasts.
On the monetary policy front, the People’s Bank of China kept the medium-term lending facility rate at 2.5%, in line with market expectations.
Meanwhile, China’s top leaders today will start a key meeting, the Third Plenum which starts today and runs until July 18th, hoping to gain valuable insights into the country’s economic trajectory.
Hong Kong (HSI) -1.53%.
India (SENSEX) +0.27%. India’s equities increased 226 points or 0.3% to 80,746 in early deals on Monday, rising for the 2nd consecutive day while hitting the 2nd straight of a fresh record peak.
Total passenger vehicle sales in India grew 5.0% from a year earlier to 294,133 in June 2024, accelerating from a 4.3% increase in the previous month.
Australia (AS51) +0.73%.
In the U.S., on Friday, all three major indexes ended higher as easing further inflation rate raised hopes of the Fed rate cuts in September.
U.S. stock futures held steady on Monday as markets react to the attempted assassination of former President Donald Trump over the weekend that could have dire implications on the US political landscape.: Dow +0.29%; S&P 500 +0.24%; Nasdaq +0.40%.
Bitcoin surged again above $62,000, hitting a near two-week high.
Investors now look ahead to Fed Chair Jerome Powell’s latest remarks on Monday and more US economic reports this week for further guidance. Markets now look ahead to more earnings reports this week.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).