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Asian Shares Mixed After Weak China Data

Asian stocks were trading mixed on Monday, with some disappointing data from China, fears of protectionist policies, geopolitical worries and an unprecedented global wave of cyberattacks that struck targets in nearly a hundred countries since Friday keeping investors cautious.

North Korea successfully conducted a newly developed mid-to-long range missile test over the weekend, adding to tensions in Korean peninsula.

A G7 communique issued on Saturday said the group would use all policy tools - fiscal, structural and monetary - to boost economic growth. Several officials raised concerns about risks to global growth from the Trump administration's stance on trade and tax policy.

More ransomware cases may come to light on Monday, possibly on "a significant scale", a security researcher has warned after cyber worm affected 2 lakh victims in 150 countries last week.

China's Shanghai Composite index was gaining 0.3 percent and Hong's Kong's Hang Seng index was rising half a percent even as official data showed Chinese industrial output and retail sales rose less than expected in April, adding to concerns over the strength of the world's second-largest economy.

Japan's Nikkei index was declining 0.2 percent, with exporters drifting lower, as the yen strengthened against the dollar following the widespread cyber attack and in the wake of weaker-than-expected data from the United States.

Australian shares were marginally lower as Chinese factory output data missed expectations. While banks recovered some lost ground, energy and mining stocks were trading weaker.

Fairfax Media soared as much as 6.5 percent after U.S. buyout firm TPG Capital Management raised its cash bid for the media firm.

South Korea's Kospi was moving up 0.3 percent after the country elected a president who vowed to engage with Kim Jong Un's regime. New Zealand's NZX-50 index was losing 0.2 percent.

U.S. stocks ended narrowly mixed on Friday, Treasury yields slipped and the dollar retreated as investors digested weak retail sales and inflation data as well as disappointing earnings updates from the likes of Nordstrom and J.C. Penney. A gauge of U.S. consumer sentiment unexpectedly increased in May, offering some respite.

European markets clung to slight gains on Friday, as solid GDP data from Germany and some fresh M&A activity helped investors shrug off tepid corporate earnings and sluggish Eurozone industrial production data.

by RTTNews Staff Writer

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