Asian Stocks Retreat on Disappointing China Growth Data, Trump Assassination Attempt
In today's market update, Asian stocks took a hit on Monday as China reported lower-than-expected economic growth figures, while uncertainty surrounding U.S. politics after an assassination attempt on former President Donald Trump added to the negative sentiment. Despite this, Wall Street's positive performance on Friday provided some support to the markets.
Chinese markets remained flat, with Hong Kong seeing a 1.1% decline due to weak GDP growth. China's economic growth of 4.7% in the second quarter fell short of expectations, driven by weak consumer spending and demand. The focus now shifts to the Third Plenum of the Chinese Communist Party for potential stimulus measures.
On the other hand, Australia's ASX 200 outperformed, reaching a record high on strong performances from banks and mining stocks. Investors are optimistic about lower interest rates in the coming months, leading to a pivot into more economically-sensitive sectors.
Overall, concerns over China's economic slowdown and political uncertainty in the U.S. are weighing on Asian markets. Investors are advised to stay cautious and monitor upcoming events for potential market impacts.