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Asia-Pacific stock markets were mixed on Monday. The latest data showed that China’s economy grew slower than expected in the second quarter of 2024 amid increasing internal and external unfavorable factors, and former U.S. President Trump’s assassination attempt. Market participants also felt nervous Saturday.
Japan (NKY:IND) markets are closed. The yen was steady at around 158 per dollar on Monday in holiday-thin trading.
In terms of monetary policy, investors are looking forward to the Bank of Japan’s policy meeting in late July. The Bank of Japan is expected to announce a reduction in its bond purchase plan and may raise interest rates again.
China (Shanghai Composite Index) +0.16%. Official data showed that China’s second-quarter GDP growth was lower than expected due to the continued slump in real estate and weak domestic demand.
In addition, retail sales fell to a 17-month low of 2% in June, indicating a sharp slowdown in consumer spending. In contrast, industrial production grew 5.3% in June, which was the weakest growth in three months but still exceeded market expectations.
China’s surveyed unemployment rate in June 2024 was 5%, the same as last month, in line with market expectations.
In terms of monetary policy, the central bank kept the medium-term lending facility rate unchanged at 2.5%, in line with market expectations.
Meanwhile, China’s top leaders will hold a key meeting today, the Third Plenary Session of the Central Committee of the Communist Party of China, which starts today and runs until July 18, hoping to gain valuable insights into the trajectory of China’s economy.
Hong Kong (Hang Seng Index) -1.53%.
India (SENSEX) +0.27%. Indian stocks rose 226 points, or 0.3%, to 80,746 points in early trade on Monday, rising for a second day in a row and hitting a new record high.
In June 2024, total passenger car sales in India increased by 5.0% year-on-year to 294,133 units, accelerating from the 4.3% growth in the previous month.
Australia (AS51) +0.73%.
In the United States, all three major stock indexes closed higher on Friday as further easing of inflation raised hopes of a rate cut by the Federal Reserve in September.
U.S. stock futures held steady on Monday as markets reacted to a weekend attempt to assassinate former President Donald Trump that could have dire consequences for the U.S. political landscape. +0.29%; S&P 500 Index +0.24%; Nasdaq +0.40%.
Bitcoin surged above $62,000 again, hitting a near two-week high.
Investors are now looking to Federal Reserve Chairman Jerome Powell’s latest comments on Monday, as well as more U.S. economic reports this week, for further guidance. The market is now looking forward to more earnings reports this week.
currency: (Japanese yen: U.S. dollar), (RMB: U.S. dollar), (Australian dollar: U.S. dollar), (Indian rupee: U.S. dollar), (Hong Kong dollar: U.S. dollar), (New Zealand dollar: U.S. dollar).
