Stocks in Asia Trade Lower as Traders Await China’s 1Q24 GDP

Asia-Pacific markets experienced continued losses as the global community awaited the official data of Chinese GDP for the first quarter.

On Tuesday, all eyes will be on China’s first-quarter gross domestic product (GDP) figures, with expectations of a 4.6% growth compared to the previous year for the world’s second-largest economy.

Additionally, industrial production and retail sales data from China are set to be released on the same day.

In Japan, the Nikkei 225 index dropped by 1.88% in the morning session, while the broader Topix index also fell by 1.04%. The yen depreciated to 154 against the U.S. dollar, marking its weakest level since June 1990.

South Korea’s Kospi index also lost 1.91%, while Australia’s S&P/ASX 200 index slipped by 1.35%.

In the U.S. market, stocks retreated on Monday due to concerns over increasing yields and tensions in the Middle East, despite positive Goldman Sachs earnings and strong retail sales data. The Dow Jones Industrial Average fell by 0.65%, extending its losing streak to six consecutive days, a record not seen since June.

The S&P 500 index decreased by 1.2% after initially trading up by 0.88% earlier in the session, while the Nasdaq Composite index tumbled by 1.79% as technology stocks like Salesforce faced declines.


Furthermore, crude oil prices bounced back on Tuesday after dropping slightly on Monday as traders took a breath following Israel’s successful defense against Iran’s air assault and reassurances from the U.S. government about avoiding further escalation in the Middle East conflict.

The international benchmark Brent crude rose 0.64% to $90.68 a barrel, while the West Texas Intermediate increased 0.73% to $86.03 a barrel.