Finance

Asian Stocks Down as Chinese Economic Growth Slows By Investing.com

© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were down Friday morning despite another record run for U.S. stocks overnight, as investors digested a slew of end-of-month economic data in the region.

China’s fell 0.61% by 10:14 PM ET (2:14 AM GMT) and the was down 0.47% ahead of a weeklong holiday beginning on Saturday. The for April was 51.1, below the 51.7 in forecasts prepared by Investing.com and March’s 51.9 figure. The was 54.9, also below March’s 56.3 reading.

In the private sector, the for April was 51.9, above the 50.8 in forecasts prepare by Investing.com and April’s 50.6 reading. Investors now await the Caixin services PMI, due in the following week.

In Japan, the was down 0.50% as the country returned from a holiday. increased 2.2% month-on-month in March, higher than the 2% growth in forecasts prepared by Investing.com and February’s 1.3% contraction. The contracted 0.2% year-on-year in April as per expectations but was lower than March’s 0.1% contraction.

In Australia, the was down 0.55%. Data released earlier in the day said that the Producer Price Index rose 0.2% , and 0.4% , in the first quarter of 2021.

Hong Kong’s slid 1.55% as the city recorded its first untraceable case of a COVID-19 mutant variant on Thursday. South Korea’s fell 0.89%.

U.S. shares ended the previous session on a downward note, even as the recorded a new high. Investors digested mixed corporate earnings as well as concerns that a global chip shortage could wipe out Apple Inc.’s (NASDAQ:) earnings-driven gains. U.S. Treasuries also weakened.

Investors are expecting U.S. government support to continue even after Thursday’s positive economic data. The U.S. rose 6.4% quarter-on-quarter in the first quarter of 2021 and 553,000 were filed over the past week.

They also continue to digest President Joe Biden’s proposed $1.8 trillion social package and infrastructure plans, as well as the Federal Reserve’s continued dovish monetary policy.

“All evidence still points to continued support from both fiscal and monetary policy against a backdrop of accelerating corporate earnings,” UBS Global Wealth Management chief investment officer Mark Haefele told Bloomberg.

“This reinforces our view that markets can advance further, with cyclical parts of the market — such as financials, energy, and value stocks — likely to benefit most from the global upswing,” he added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Most Related Links :
honestcolumnist Governmental News Finance News

Source link

Back to top button