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Friday November 24th, 2017 12:23AM

Asian markets fall after disappointing China data

By The Associated Press
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SEOUL, South Korea (AP) — Asian stocks were mostly lower on Thursday after data showed retail sales and industrial output growth slowed in China.

KEEPING SCORE: Japan's Nikkei 225 was fell 0.3 percent to 19,807.44. China's Shanghai Composite Index lost 0.5 percent to 3,367.50 while Hong Kong's Hang Seng index fell 0.5 percent to 27,764.21. But South Korea's Kospi gained 0.5 percent to 2,371.35. Australia's S&P/ASX 200 was down 0.1 percent to 5,738.70. Stocks in Southeast Asia were mixed.

CHINA: China's National Bureau of Statistics said the world's second-largest economy saw 6 percent annual growth in its industrial output in August, slower than 6.4 percent growth in July. Retail sales expanded 10.1 percent on year in August, compared with 10.4 percent in July, it said. The figures missed expectations and suggested that China's economy continued to cool.

ANALYST'S TAKE: "Growth in electricity, steel and cement output all slowed, as did production of key consumer products including cars and mobile phones," Julian Evans-Pritchard, an economist at Capital Economics, said in a report. "But the main culprit was weaker domestic demand."

DATA WATCH: Investors are also waiting for the latest updates on the U.S. economy before the Federal Reserve meeting due next week. The U.S. Labor Department is scheduled to release reports on consumer price for August and the number of people who applied for unemployment benefit last week.

WALL STREET: U.S. stock indexes finished with tiny gains Wednesday. The Standard & Poor's 500 index added 0.1 percent to 2,498.37. The Dow Jones industrial average picked up 0.2 percent to 22,158.18. The Nasdaq composite rose 0.1 percent to 6,460.19. The Russell 2000 index of smaller-company stocks gained 0.2 percent to 1,426.89.

OIL: Benchmark U.S. crude lost 13 cents to $49.17 per barrel in New York. The contract rose $1.07, or 2.2 percent, to close at $49.30 a barrel on Wednesday. Brent crude, used to price international oils, fell 19 cents to $54.97 per barrel in London. It added 89 cents, or 1.6 percent, to finish at $55.16 a barrel in the previous session.

CURRENCIES: The dollar fell to 110.44 yen from 110.49 yen. The euro slipped to $1.1881 from $1.1884.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
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