Asia-Pacific stock trading mixed ahead of China’s GDP data


SINGAPORE – Asia-Pacific stocks were mixed Friday ahead of China data including GDP and retail sales.

Japan’s Nikkei 225 climbed 0.6%, while the Topix index rose 0.35%.

Uniqlo owner Fast Retailing posted a record quarterly profit after the shutdown on Thursday, Reuters reported.

South Korea’s Kospi gained 0.58% and the Kosdaq rose 0.3%.

In Australia, the S&P/ASX 200 fell 0.43%.

MSCI’s broadest index of Asia-Pacific stocks outside of Japan was roughly flat.

China will report its GDP for the second quarter, along with other data such as industrial production and retail sales.

Growth is expected to grow 1% compared to the same period a year ago, according to a Reuters poll of analysts. That would be the weakest GDP print since the first quarter of 2020, when the Covid pandemic first struck.

Industrial production is expected to grow 4.1%, while retail sales appear to be stable, according to Reuters polls.

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Separately, banking and real estate stocks in China were hit on Thursday as homebuyers boycott mortgage payments for unfinished real estate projects.

The South China Morning Post reported late Thursday that the boycott has intensified, with buyers of more than 230 homes in 86 cities failing to make mortgage payments.

Alibaba’s US-listed shares fell more than 4% overnight after the Wall Street Journal reported that the company’s executives had been subpoenaed by authorities investigating the theft of police records.

US stock indices fell Thursday after disappointing banking results.

The Dow Jones Industrial Average lost 0.46%, or 142.62 points, to 30,630.17, while the S&P 500 fell 0.3% to 3,790.38. The Nasdaq Composite was up 0.03%, closing at 11,251.19.

Currencies and Oil

The US dollar index, which tracks the greenback against a basket of its peers, stood at 108,584 most recently.

The Japanese yen stood at 139.02 after weakening past 139 against the greenback on Thursday. The Australian dollar stood at $0.6757.

Oil futures rose in Asian trading. US crude rose 0.76% to $96.51 a barrel, while Brent crude rose 0.93% to $100.02 a barrel.

— Samantha Subin and Carmen Reinicke of CNBC contributed to this report.

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