China Shares down on Factory Output Data

Shares in China fell after a number of economic figures for the world’s second largest economy came in weaker than expected.

Factory output rose 5.9% in April from a year ago – below expectations – while with fixed asset investment and retail sales also fell below forecasts.

The Shanghai Composite fell 1% to 4,357.17, while Hong Kong’s Hang Seng index was 0.4% lower at 27,287.17.

Concerns over new share listings also dented investor confidence.

Next week, a spate of initial public offerings (IPOs) could lock up some 3tn yuan ($483bn; £308bn) worth of subscription capital, according to analysts.

In Japan, the Nikkei 225 ended up 0.7% at 19,764.72.

Data showed Japan’s current account surplus hit a seven-year high in March, rising to 2.795tn yen ($23.3bn; £14.9bn).

Australian shares headed higher after the government delivered its budget on Tuesday, with promises to help small businesses among the measures to try to boost the economy.

The benchmark S&P/ASX 200 index finished up 0.7% at 5,715.1 in Sydney.

South Korea’s Kospi index closed up 0.8% to 2,114.16 after data showed the country’s unemployment rate declined in April, with more jobs created in the manufacturing and service sectors.

The jobless rate stood at 3.9%, down from 4% in March and 4.6% in February, according to Statistics Korea.

Source: BBC News

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