Asia-Pacific equities trimmed gains while foreign exchange markets were mostly steady in the wake of China reporting a dip in fourth quarter GDP growth on Monday as investors digested the latest signs of the country’s slowing economy.
Ahead of the announcement, stocks were higher across the region with optimism over progress in the US-China trade dispute buoying markets and following the fourth-straight weekly gain for global stocks.
Following the growth figure’s release, the Hang Seng index in Hong Kong was up 0.4 per cent while in China, the CSI 300 of major stocks in Shanghai and Shenzhen was 0.8 per cent higher. The Topix in Tokyo was up 0.7 per cent with all market segments in positive territory while in Sydney the S&P/ASX 200 gained 0.2 per cent with the mining segment slipping into negative territory.
Those moves came after official data showed Chinese gross domestic product growth has slowed for three consecutive quarters, with GDP growth of 6.4 per cent in Q4, the lowest since the global financial crisis. For the full year, growth was 6.6 per cent, down from 6.8 per cent in 2017 but ahead of Beijing’s target of 6.5 per cent annual growth.
Foreign exchange markets were meanwhile stable with the dollar index, measuring the greenback against a basket of peers, down 0.1 per cent on the day at 96.291.
China’s onshore renminbi, which trades within a daily band set by China’s central bank, slipped 0.1 per cent against the greenback to Rmb6.8743 per dollar. The offshore rate was 0.1 per cent stronger at Rmb6.7943.
The Japanese yen, a haven during market uncertainty, was 0.2 per cent firmer at ¥109.59 per dollar. The Australian dollar, at times a proxy for sentiment on regional trade, was basically unmoved at $0.7166.
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