Investors Reacted to the Release of China’s GDP Data

The world’s second-largest economy is recovering as can be seen from the data released by the China National Bureau of Statistics. Interestingly, stocks in Asia-Pacific were mixed on October 19, as investors reacted to the release of the country’s GDP data.

Let’s have a look at stocks across Asia-Pacific to learn more about the situation. It makes sense to start with the mainland Chinese stocks. Importantly, mainland Chinese stocks saw losses on the day. The Shanghai Composite dropped 0.71% to around 3’312.67. At the same time, the Shenzhen Component fell 0’824% to about 13’421.19. 

Hong Kong’s Hang Seng index gained 0.64% to close at 24’542.26 with shares of HSBC listed on the Hong Kong Stock Exchange adding 2.49%.

Interestingly, shares of Alibaba in Hong Kong advanced 1.09%. Notably, the tech giant’s financial technology affiliate Ant Group received approval from the China Securities Regulatory Commission for the Hong Kong leg of its listing. Investors are also monitoring the situation regarding the Ant Group. 

In the meantime, Sun Art Retail Group’s stock jumped 19.17% after Alibaba announced it agreed to buy controlling stakes in the firm. 

Interestingly, in Japan, the Nikkei 225 added 1.11% to close at 23’671.13. At the same time, the Topix index gained 1.25% to 1’637.98.

According to the country’s Ministry of Finance, Japan’s exports dropped 4.9% as compared to a year earlier in September. 

South Korea’s Kospi index added 0.22% to end its trading day at 2’346.74.  

Australia’s S&P/ASX 200 gained 0.85% to 6’229.40. 

Investors and the world’s second-largest economy

Importantly, China’s third-quarter gross domestic product (GDP) grew 4.9% as compared to a year ago. However, this result failed to meet expectations. Investors are closely monitoring the situation, as they want to have comprehensive data.

Retail sales in China rose 3.3% last month from a year earlier.

It is worth noting that, 4.9% growth is still a decent number, especially given the current environment. In the previous quarter, GDP grew 3.2%. The world’s second-largest economy has the potential to solve all problems created by the pandemic. China should join forces with other countries to boost the global economy.