Asia Lower as Economists Cut China Forecasts

Stocks in Asia-Pacific were mostly lower on Tuesday, as various firms downgraded China’s Gross Domestic Product forecasts.

In Japan, the Nikkei 225 lost 56.1 points, or 0.2%, to 30,183.46,

The Japanese yen traded at 111.28 per U.S. dollar following a weakening from below 110.6 against the greenback yesterday.

In Hong Kong, the Hang Seng Index leaped 291.61 points, or 1.2%, to 24,500.39.

Korean markets staggered SK Innovation shares jumped 3.8% after the firm announced a plan with Ford Motor to invest more than $11 billion in new U.S. facilities to produce electric vehicles and batteries.

Australia’s retail sales fell 1.7% on a seasonally adjusted basis in August, data from the country’s Bureau of Statistics showed Tuesday. That was higher than market forecasts for a 2.5% decline, according to Reuters.

The Australian dollar changed hands at $0.7263, off an earlier high of $0.7311.


In China, the CSI 300 moved forward 6.46 points or 0.1%, to 4,883.83

Goldman Sachs on Tuesday slashed its China GDP growth expectations to 7.8%, down from the 8.2% previously forecast.

Nomura also expected China’s GDP to grow by 7.7% this year, down from a previous forecast of 8.2%.

In other markets

In Korea, the Kospi dropped 35.72 points, or 1.1%, to 3,097.92.

In Taiwan, the Taiex slumped 132.33 points, or 0.8%, to 17,181.44.

In Singapore, the Straits Times slouched 22.61 points, or 0.7%, to 3,077.69

In New Zealand, the NZX 50 shed 53.32 points, or 0.4%, to 13,174.38

In Australia, the ASX 200 backed off 108.62 points, or 1.5%, at 7,276.55