Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Asian Stocks End Week on Down Note Over Economic Data, China Crackdown Impact

Stock Markets Jul 29, 2021 10:21PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were down on Friday morning, wrapping up a volatile week. Asian stocks steadied while U.S. equity futures retreated as investors digested the latest economic data from the U.S., Japan and Australia. Risks from China’s crackdown on industries including private education at the beginning of the week also remain.

Japan’s Nikkei 225 fell 1.61% by 10:13 PM ET (2:13 AM GMT). Jobs data released earlier in the day said that the jobs/applications ratio for June was higher than expected at 1.13, while the unemployment rate was a lower-than-expected 2.9%. However, retail sales plunged to 0.1% year-on-year in June.

South Korea’s KOSPI fell 1.06%.

In Australia, the ASX 200 inched down 0.08%. The country’s producer price index grew 2.2% year-on-year and 0.7% quarter-on-quarter in the second half of 2021. Private sector credit grew 0.9% month-on-month in June.

Hong Kong’s Hang Seng Index fell 0.87%.

China’s Shanghai Composite fell 0.91% while the Shenzhen Component was down 0.66%.

Nasdaq 100 contracts fell around 1%, with Amazon.com Inc. (NASDAQ:AMZN) shares falling in extended trading as signs emerge that its rapid growth through COVID-19 is slowing down.

“Thursday’s rebound in Chinese equities after the recent regulatory induced sell-off provided a positive lead to the solid performance in risk asset overnight,” National Australia Bank (OTC:NABZY) senior FX strategist Rodrigo Catril told CNBC.

Benchmark Ten-year U.S. Treasury yields slowed down their recent advance. On the data front, the U.S.’s GDP rose 6.5% quarter-on-quarter in the second quarter of 2021, according to data released on Thursday. The growth was solid, but lower than both the 8.5% in forecasts prepared by Investing.com and the 6.3% growth recorded for the first quarter.

The GDP price index grew a better-than-expected 6.1% quarter-on-quarter in the same period, however.

Meanwhile, the number of initial jobless claims filed over the past week grew to 400,000, higher than the 380,000 claims in forecasts prepared by Investing.com but lower than the 424,000 claims filed during the previous week.

Global stocks also rounded up a volatile week, with the Chinese clampdown sparking a selloff in Hong Kong and China. However, U.S. Federal Reserve Chairman Jerome Powell’s indication that asset tapering would only begin once the economic recovery from COVID-19 has made sufficient progress, helped underpin broad market sentiment.

Powell’s comments came as the central bank handed down its latest policy decision on Wednesday.

“The disappointing jobless claims numbers put some fire-power behind Powell’s comments, emphasizing that we have a ways to go for the labor market to recover... the miss on GDP only puts a finer point on the fact that growth may be stalling,” E*Trade Financial (NASDAQ:ETFC) managing director of investment strategy Mike Loewengart told Bloomberg.

Robinhood Markets Inc. (NASDAQ:HOOD) made a disappointing debut in New York on Thursday as shares fell 8.4% below their initial public offering price. The company failed to win over some of the retail investors that it was courting for long-term growth.

Asian Stocks End Week on Down Note Over Economic Data, China Crackdown Impact
 

Related Articles

Wall Street opens lower on mounting growth worries
Wall Street opens lower on mounting growth worries By Reuters - Jun 30, 2022 3

(Reuters) - Wall Street's main indexes opened lower on Thursday, the last day of a dismal first-half of the year, on worries that central banks determined to tame inflation will...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email