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Asian stocks mostly mixed, ignores upbeat China GDP

FXStreet (Mumbai) - The stocks on the Asian bourses are currently trading mixed, with the major benchmarks unimpressed by better than expected China GDP figures.

Asian stocks assess mixed China data

The Japanese stocks had a softer starter to the week, despite the positive lead from the Wall Street overnight, as investors resorted to profit-taking after the recent rally. However, the sentiment was slightly lifted after above estimates China GDP data, boosting the USD/JPY pair and hence offering some respite to the exporters’ stocks. Meanwhile, USD/JPY trades 0.08% higher at 119.53 and the Nikkei drops -0.55% to 18,190 points.

The Australian benchmark, the S&P/ASX is seen defending mild gains as traders digest the latest set of mixed Chinese data. The Chinese GDP expanded at 6.9% q/y versus 6.8% rise expected. However, the industrial output in China rose 5.7% y/y in Sept versus 6.0% expected and down from 6.1% previous. The index trades 0.20% higher at 5,278 points.

Stocks on the Chinese bourses are cheering China economic news, with the mainland’s benchmark index, the Shanghai Composite up 0.68 at 3,414. While Hong Kong’s Hang Seng pares losses and trades modestly flat at 23,050.

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