A girl hooks her umbrella on another as they walk by an electronic stock board of a securities firm in Tokyo on Tuesday, Oct. 21, 2014. Asian stock markets were mixed Tuesday as data showing China’s economy growing at its slowest pace in five years offset another positive lead from Wall Street. AP PHOTO/KOJI SASAHARA
HONG KONG–Asian markets were mixed Tuesday as data showing China’s economy growing at its slowest pace in five years offset another positive lead from Wall Street.
After the wild swings of last week that were fueled by global growth fears, Monday’s hefty advances across the region raised hopes shares were on a more even keel as the earnings season approaches.
But Tokyo slipped 2.03 percent, or 306.95 points, to 14,804.28 a day after clocking up a gain of almost four percent, while Seoul shed 0.77 percent, or 14.78 points, to 1,915.28.
Shanghai dipped 0.72 percent, or 17.07 points, to 2,339.66.Hong Kong ended marginally higher, adding 18.32 points to 23,088.58.
Sydney ended up 0.11 percent, adding 5.6 points to 5,325.0.
Stocks surged on Monday in response to Friday’s Wall Street advance that was propelled by bargain-hunting and upbeat US corporate results.
However, another day of gains in New York was unable to give the same lift to Asia on Tuesday. The Dow rose 0.12 percent, the S&P 500 added 0.91 percent and the Nasdaq jumped 1.35 percent.
In Beijing, the National Bureau of Statistics said the economy grew 7.3 percent year on year in July-September, lower than the 7.5 percent expansion in the previous three months and the slowest since the 6.6 percent in the first quarter of 2009.
But it exceeded the median forecast of 7.2 percent in an AFP survey of 17 economists, and some analysts said upbeat industrial production figures suggested the slowdown may have bottomed out.
“The momentum of the economy bottoming out and stabilizing is now relatively clear,” Ma Xiaoping, a Beijing-based economist for British bank HSBC, told AFP. “Currently there’s no risk of an accelerated slowdown.”
China is a crucial driver of world growth and any weakness fuels concerns about its knock-on effect for other countries, from the United States to the eurozone to Australia.
On currency markets the dollar fell to 106.56 yen from 106.92 yen in New York and well below the 107.10 yen earlier Monday in Asia.
The euro bought $1.2819 and 136.61 yen against $1.2800 and 136.86 yen.
Oil prices were mixed. US benchmark West Texas Intermediate for November delivery fell 31 cents to $82.40 a barrel and Brent crude for December added 95 cents to $85.35.
Gold was at $1,248.17 an ounce against $1,244.57 late Monday.
In other markets:
— Taipei eased 0.10 percent, or 8.50 points, to 8,654.64.
Taiwan Semiconductor Manufacturing Co. closed 0.79 percent lower at Tw$125.0, while Hon Hai Precision Industry fell 0.32 percent to Tw$93.5.
— Wellington rose 0.68 percent, or 35.24 points, to 5,233.12.
Spark was up 1.21 percent at NZ$2.935 and Air New Zealand added 1.59 percent to NZ$1.86.
— Manila rose 0.15 percent, or 10.50 points, to 7,068.03.
Philippine Long Distance Telephone Co. gained 1.13 percent to 3,208 pesos while Energy Development Corp. added 1.32 percent to 7.70 pesos.
— Bangkok closed flat, slipping 0.53 points to 1,526.14.
Coal producer Banpu fell 3.60 percent, or 1 baht, to 26.75 while Airports of Thailand rose 1.79 percent, or 4 baht, to 228 baht.
— Jakarta closed down 0.22 percent, or 11.19 points, at 5,029.34.
Car maker Astra International lost 1.52 percent to 6,500 rupiah, while Hero Supermarket rose 1.83 percent to 2,780 rupiah.
— Kuala Lumpur fell 0.38 percent, or 6.92 points, to end at 1,796.22.
SapuraKencana Petroleum shed 0.8 percent to 3.57 ringgit, while Public Bank lost 0.2 percent to 18.56. RHB Capital gained 0.5 percent to 8.52 ringgit.
— Singapore closed up 0.68 percent, or 21.69 points, at 3,202.74.
Oil rig-maker Keppel Corp. was 0.94 percent higher at Sg$9.70 and casino operator Genting Singapore dipped 0.95 percent to Sg$1.04.
— Mumbai closed up 0.55 percent, or 145.80 points, at 26,575.65.
Natural gas processor and distributor GAIL rose 4.43 percent to 479.05 rupees, while competitor Oil & Natural Gas Corp fell 2.57 percent to 408.10 rupees.