China Stocks Rise on Growth Concerns

Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of Gross Domestic Product data that showed the Chinese economy growing at its slowest pace in at least 27 years.

Markets in Japan were closed for holiday

The Japanese yen traded at 107.94 against the U.S. dollar after seeing levels above 108.8 in the previous week.

In Hong Kong, the Hang Seng index gained 83.26 points, or 0.3%, to 28,554.88, with the city still stuck in turmoil surrounding a controversial extradition bill.

Meanwhile, the Budweiser initial public offering in Hong Kong, which was set to be the world’s biggest listing of 2019, was canceled by parent company Anheuser-Busch InBev.

Australian markets declined, as most sectors slipped. Shares of wealth manager AMP plunged 15.8% after the company said it was “highly unlikely to proceed ” with the sale of its life insurance and wealth protection business.

The Australian dollar was at $0.7032 following a bounce from levels below $0.692 last week.


In Shanghai, the CSI 300 took on 15.46 points, or 0.4%, to 3,824.19

China released second-quarter figures on Monday showing that its economy slowed to 6.2% — the weakest rate in at least 27 years.
From April to June, China’s economy grew 6.2% from a year ago, the country’s statistics bureau said on Monday. That was in line with analyst predictions.

In other markets

In Korea, the Kospi index lost 4.18 points, or 0.2%, to 2,082.48

In Singapore, the Straits Times Index moved lower 9.39 points, or 0.3%, to 3,347.95

In Taiwan, the Taiex Index improved 52.08 points, or 0.5%, to 10,876.43

In New Zealand, the NZX 50 gave back 34.87 points, or 0.3%, to 10,666.56

In Australia, the ASX 200 slipped 43.56 points, or 0.7%, to 6,652.99