Hang Seng Higher as investors cheer on Chinese Data

Summary:
• Asian equities finished higher as investors mulled better Chinese figures despite GDP is growing at the weakest pace in at least 27 years

Asian equities finished higher as investors mulled better Chinese figures despite GDP is growing at the weakest pace in at least 27 years; The China Industrial Production (year over year) came in at 6.3% above forecasts of 5.2% in June. The China Gross Domestic Product (year over year) matched expectations of 6.2% for 2Q 2019. China Gross Domestic Product (quarter over quarter) came in at 1.6%, better than forecasts of 1.5% in 2Q. The China Retail Sales (year over year) came in at 9.8%, beating expectations of 8.3% in June.

The Hang Seng finished 0.26 percent higher at 28,545, the Shanghai composite ended 0.40 percent higher to 2,942 and the Singapore Straits Times index finished 0.08 percent lower at 3,355. Aussie stocks ended 0.65 percent lower at 6653 due mainly to falls from banks and wealth managers. In Japan the main benchmark, Nikkei 225 was closed today. Nikkei positive momentum is intact and trades close to two month high on improved sentiment and as the Wall Street indices registered on Friday another record close.

In Asian forex markets USDJPY trading 0.01 percent higher at 107.91, the Aussie dollar continues higher against greenback at 2 week highs at 0.7030 while Kiwi also trades higher at 0.6720 versus USD. Gold retreats to 1,414 from the two daily high at 1,419 area, while crude oil is 0.10 percent lower at $60.15 per barrel.Don’t miss a beat! Follow us on Twitter.

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