Asian stocks flat after China growth within expectations
A man walks by an electronic stock board of a securities firm in Tokyo, Monday, Jan. 18, 2016. Asian shares skidded lower Monday, following another dismal day on Wall Street, as investors looked ahead to Chinese economic growth figures. AP
TOKYO — Asian stock markets were largely flat Tuesday after China’s quarterly economic growth met expectations, calming some of the investor jitters in the region.
Keeping score
China’s Shanghai Composite was up 0.3 percent at 2,923.66 and Hong Kong’s Hang Seng gained 0.6 percent to 19,346.27. Australia’s S&P/ASX 200 added 0.4 percent to 4,876.80. Japan’s Nikkei 225 edged down 0.7 percent to 16,834.13. South Korea’s Kospi dipped 0.6 percent to 1,867.12 in morning trading. Markets in Southeast Asia were mostly lower. New Zealand gained.
China economy
China’s economic growth edged down to 6.8 percent in the final quarter of 2015 as trade and consumer spending weakened. The quarterly growth figure was the weakest in six years and 6.9 percent growth for the full year was the lowest in 25 years. That was in line with market expectations but some analysts had forecast a much sharper slowdown. Chinese leaders are trying to reduce reliance on trade and investment by nurturing slower, more self-sustaining growth based on domestic consumption and services.
READ: China economy down to 6.8 percent; 2015 growth lowest in 25 years
The quote
China’s “official data do not point to a hard landing in the fourth quarter of 2015, but they provide little reason to stop worrying about China’s drag on the global economy, either,” said Bill Adams, senior international economist at PNC Financial Services Group. “Chinese domestic demand remains weak, held back by three persistent headwinds.”
European markets
Germany’s DAX, which had opened 1.2 percent higher, declined over the course of Monday to end 0.3 percent lower at 9,521.85. The CAC 40 of France fell 0.5 percent to 4,189.57 and Britain’s FTSE 100 shed 0.4 percent to 5,8779.92. US markets were closed for a public holiday.
Energy
Benchmark US crude was down 21 cents to $30.18 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose 29 cents to $28.84 per barrel.
READ: US crude falls below $31 in Asian trade
Currencies
The US dollar edged down to 117.42 yen from 117.50 yen in the previous trading day. The euro rose to $1.0893 from $1.0885.
