Chinese Data Drives Asian Stocks Near 3-Year Lows
Stocks on the Asian stock exchanges traded mixed and drifted around its lowest level since 2012 this Tuesday, with a slow deteriorating sentiment as markets begins to accept and deal with the sad situation surrounding the poor Chinese economic numbers issued in the last hours.
Chinese economy declined 6.8% in the fourth quarter of 2015, drifting lower from 6.9% recorded in the prior quarter and versus an expected growth figure of 6.9%. The industrial production in China dipped 5.9% against 6.0% expected, while retail sales came in somewhat weaker than forecast at 11.1% versus 11.3% expected and at 11.2% previously.
The initial retracement that was seen in Japanese stocks came to a halt and drop back into the negative as sentiment were tainted following the slow macro news from China coupled with the current concerns bothering around the condition of the second largest economy in the world. In the interim, trading almost unchanged is the USD/JPY pair at 117.30, while the Nikkei is lower -0.84% at 16,812.
Cutting back gains are stocks in Australia, while the S&P/ASX 200 index appreciated 0.33% at 4,874. The index was faced with fresh selling pressure following weaker data from China pressuring commodities prices and also pulled lower the energy and resource stocks.
We continue to see the Chinese markets falter between profits and losses, as poor data from China continue to disappoint markets. The benchmark Shanghai composite Index shed gains and is trading higher at 2,923, a 0.30% appreciation, while the Shenzhen CSI 300 index is trading modestly level. The Hong Kong Hang Seng appreciated 0.12% to get to 19,257.