Shares in Asia markets started the week on a positive note as investors digested China’s economic reports.
As of 09:17 a.m. Thai time, the S&P/ASX 200 in Australia rose 0.47%.
Japan’s Nikkei 225 increased 1.05% while mainland China’s Shanghai Composite added 0.15%
Meanwhile, Hong Kong’s Hang Seng index slid 0.09%.
South Korea market is closed for a holiday Monday
Preliminary estimates showed Japan’s annualized gross domestic product grew 2.2% in the April-to-June quarter compared with the previous quarter after the government lifted Covid-19 restrictions on businesses that led to a stronger consumption and capital investment.
However, the figure was lower than the expected 2.5% increase based on forecasts in a Reuters poll.
China also released its July economic data on Monday, and it was slightly weaker than expected.
According to the National Bureau of Statistics, retail sales increased 2.7% in July compared to the same month last year. That’s slower expansion than the 3.1% seen in June and way lower than the 5% expansion predicted by a Reuters poll.
The increase in industrial production was 3.8%, which was lower than the 3.9% shown the previous month and below the 4.6% predicted.
Real estate investment declined faster in July than in June, while manufacturing investment slowed its rate of increase.