Asian shares slip following weaker-than-expected China data

Most major indexes in Asia were moderately lower on Thursday after the release of softer-than-expected China data. Markets also digested the rise in U.S. Treasury yields overnight following tax reform headlines out of Washington.

Japan’s Nikkei 225 slid 0.26 percent after three straight days of gains.

Across the Korean Strait, the Kospi rose 0.07 percent, with gains in blue chip technology companies offset by losses in manufacturing, retail and oil stocks.

Down Under, the S&P/ASX 200 slipped 0.14 percent, with the materials sub-index falling 1.11 percent and leading losses.

The Hang Seng Index declined 0.42 percent. Mainland markets were mixed: The Shanghai Composite edged down 0.17 percent while the Shenzhen Composite traded just 0.014 percent above the flat line.

A barrage of Chinese data released on Thursday came in weaker than expected. August industrial production rose 6 percent from one year ago, below the 6.6 percent forecast in a Reuters poll. Fixed asset investment, meanwhile, increased 7.8 percent from January to August, missing a forecast of 8.2 percent.

Retail sales also missed the mark, rising 10.1 percent in August from a year ago. A Reuters poll had estimated a rise of 10.5 percent.

The Australian dollar traded at $0.8002 after earlier slipping below the $0.80 handle on the lower-than-expected numbers out of China. The currency had traded as high as $0.8016 in the session. Movements in the Aussie dollar are influenced by China data due to Australia’s dependence on exports. Source: CNBC