Asia-Pacific markets fell on Monday as investors digested key economic data from China.
Most notably, the world’s number two economy reported that GDP for the second quarter grew 6.3%, lower than economists expected.
Hong Kong markets will likely be closed all Monday due to a warning issued for Typhoon Talim. The Hong Kong Observatory expects storm signal No. 8 to remain in force until at least 4pm.
The Hong Kong Exchange usually cancels the morning trading sessions if the typhoon signal is No. 8 or above, and all trading sessions for the day will be cancelled if signal No. 8 or above remains in force by noon.
In mainland China, the Shanghai Composite fell 0.87%, leading losses in the region and closing at 3,209.62. The Shenzhen Component was down 0.63% to end at 11,010.36.
In Australia, the S&P/ASX 200 closed marginally lower at 7,298.50, snapping a four day winning streak. The country will release unemployment figures later this week, which will give clues to the Reserve Bank of Australia’s rate decisions.
South Korea’s Kospi dipped 0.35% to end at 2,619, also ending a four-day winning streak. The Kosdaq bucked the regional trend and was up 0.22% to close at 898.29.
Elsewhere Japan’s markets are closed for Marine Day.
In Southeast Asia, Singapore’s non-oil domestic exports dropped 15.5% in June compared to a year earlier, while Indonesia saw its trade balance for June surge more than expected.
U.S. markets were mixed on Friday, with the Dow Jones Industrial Average reaching its highest level since March as strong earnings results from some of the biggest banks and companies kicked off earnings season.
However, the S&P 500 dropped 0.10%, and the Nasdaq Composite declined 0.18%, but both indexes touched their highest intraday levels since April 2022.