Asia Markets
Soft China Economic Reports Roil Asian Stock Markets
Asian stock markets churned unevenly higher on Tuesday, as traders monitored media reports on a Persian Gulf peace deal and reviewed a slew of tempered economic reports from Beijing.Tokyo inched into green, while Hong Kong and Shanghai lost ground. Other regional exchanges largely finished higher.Brent crude oil futures traded at $81.06 during market hours, down 2.5%.In Japan, the Nikkei 225 opened evenly and finished up 0.1% after a modest key policy rate increase by the Bank of Japan.The benchmark Nikkei 225 rose 87.00 to 69,404.50, inching to another fresh all-time high, although losing issues outnumbered gainers 143 to 78.Leading the upside was telecom-equipment maker Fujikura, up 9%, while builder Obayashi declined 4.5%.In economic news, the Bank of Japan lifted its policy rate to a 31-year high of 1%, citing inflation risks and a soft yen.In Hong Kong, the Hang Seng Index opened lower and drifted south, closing down 1.4% after economic reports from Beijing pointed to a still-sluggish property market and soft consumer spending.The broad gauge Hang Seng fell 348.72 to 24,493.95, as losing issues outnumbered gainers 74 to 17. The Hang Seng TECH Index lost 2.2% on the day, while the Mainland Properties Index fell 3.6%.Leading the upside was computer-maker Lenovo, gaining 4.3%, while property-concern Longfor declined 8.9%.On the mainland, the Shanghai Composite fell 0.1% to 4,091.89.In economic news, mainland China's retail sales in May fell 0.6% on year, the National Bureau of Statistics (NBS) reported.The nation's fixed-asset investment fell 4.1% on-year in the first five months of the year, which was larger than the 1.6% decline seen in the January-April period, added the agency.China's new home prices across 70 cities fell 3.5% on-year in May, matching April's pace and extending a period of softness in home values dating back to 2022 and the COVID-19 pandemic.In contrast, China's industrial production grew 4.5% on year in May, reported the NBS.On the other regional exchanges, the S. Korean KOSPI rose 2.1%; the Taiwan TWSE inclined 0.9%; the Australian ASX 200 was steady; the Singapore Straits Times Index rose 0.8%, and the Thai Set declined 0.2%. In late trading in Mumbai, the Sensex was up 0.7%The MSCI All Country Asia Pacific Index rose 0.5% on the day.
Hang SengNikkei 225Shanghai Composite