Asian markets displayed mixed reactions as investors considered the implications of the assassination attempt on Donald Trump.
China announced that its economy grew at a slower-than-expected annual rate of 4.7% in the last quarter.
Additionally, data indicated a sharp decline in retail sales for June, reflecting the cautious spending behavior of Chinese consumers.
These figures underscore the challenges faced by Chinese leaders as they deal with a real estate debt crisis, declining consumption, an aging population, and trade tensions with Western countries.
The ruling Communist Party’s leaders commenced a four-day meeting in Beijing to outline the economic strategy for the next decade, with investors keenly observing for potential measures to revive the struggling property market and tackle significant local government debts.
Hong Kong’s Hang Seng index dropped 1.1% to 18,094.22, driven by a sell-off in property developer stocks. The Shanghai Composite fell slightly by 0.1% to 2,969.46.
As anticipated, the central bank maintained its medium-term lending rate at 2.5%, which is the rate for Chinese banks borrowing from the People’s Bank of China for six months to one year, indirectly influencing other benchmark rates affecting mortgage and loan interest rates.
Markets in Tokyo were closed due to a public holiday.
In Seoul, the Kospi decreased by 0.1% to 2,853.34, while the S&P/ASX 200 in Australia rose by 0.9% to 8,029.00. Taiwan’s Taiex declined by 0.2%, and Bangkok’s SET fell by 0.4%.
