The Asian stocks were trading lower today as the market continues to digest the data from China. On the other hand, the European stocks managed to rally in the midst of lower market performance by their Asian counterparts.
Investors managed to buoy the stock performance to the bearish side just before the session ends. The lackluster performance came after a handful of Chinese economic data flooded the market; upbeat figures were exuded from the reports
Asian Stocks vs. China Data
Looking at the Chinese economic data, the country managed to report upbeat economic performance from their first-quarter. The country’s economy managed to climb by a total of 6.8% for the first quarter of 2018; slightly higher from the expected 6.7% outcome.
Moreover, the data managed to top most of forecasts and expectations that were set by the analysts. They managed to stay ahead of the GDP expectations.
According to the head of Asia economics at Oxford Economics, Louis Kujis, “China’s economy entered 2018 with solid growth momentum … But momentum slowed in March, compared to the first two months, pointing to slower growth ahead.”
Asian Stocks Market Performance
Topix managed to shed a total of 0.36% as most sectors saw declining figures. On the other hand, the Seoul’s Kospi was also down in the previous session by a total of 0.15% closing at 2,453.77. Most sectors were trading higher but the broader tech sector was struggling in the same session.
The Shanghai Composite was also down despite great figures from the country. The index was down a total of 0.66% in the market as the tech and consumer sector continues to tally lower figures, they were even considered as the worst among the bunch.
On the other hand, the Nikkie 225 was one of the most volatile among the indices. The Nikkie managed to hit a 0.06% or 12.06 points, to 21,847. 59 increase after dilly-dallying on bearish and bullish territories.
The S&P/ASX 200 also suffered the same market performance as the Nikkei; although after the push and pull in the market, the index managed closed the session at a flat 5,841.50. Still a decent performance from the index despite the financial sector slumping.
Furthermore, the dollar also drifts in the market today as airstrikes prompted immediate pullback from investors. The geopolitical tension seems to catch its fire today despite a muted headline from the start of the week.
The greenback lost a total of 0.4% after gaining tremendous figures against the yen. The geopolitical tension continued to extend its pressure against the currency as the risk appetite of the investors dies down in the market.
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