SINGAPORE — Chinese markets rose while stocks elsewhere in Asia fell on Friday as investors awaited market reactions to China’s second-quarter GDP that missed expectations.
China’s GDP grew 0.4% in the second quarter, compared with 4.8% in the first quarter and the 1% analysts had predicted in a Reuters poll.
The Shanghai Composite was marginally higher, while the Shenzhen Component was up 0.26%.
The second-quarter report is China’s weakest GDP reading since the first quarter of 2020, when the Covid pandemic first hit.
However, retail sales beat expectations, rising 3.1% in June. A Reuters poll of analysts expects no year-over-year growth.
Asia Pacific markets are mostly down
Separately, in China, bank and real estate stocks were hit Thursday as homebuyers boycott mortgage payments on unfinished real estate projects.
The South China Morning Post reported late Thursday that the boycott has intensified as buyers of more than 230 properties in 86 cities fail to make mortgage payments.
US-listed Alibaba fell more than 4% overnight after the Wall Street Journal reported that the company’s executives were subpoenaed by authorities to investigate the theft of police records. Shares of the Hong Kong tech giant fell around 4% in early trade.
US stock indexes slid Thursday after disappointing bank earnings.
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% to close at 11,251.19.
Currencies and Oil
The US Dollar Index, which tracks the greenback against a basket of its peers, was last seen at 108.607. The index briefly rose above 109 in the previous session.
The Japanese yen traded at 138.88 after weakening above 139 against the greenback on Thursday. The Australian dollar was at $0.6749.
Oil futures rose in Asia trading. US crude was marginally higher at $95.82 a barrel, while Brent crude was up 0.17% to $99.27 a barrel.
– CNBC’s Evelyn Cheng, Samantha Subin, and Carmen Reinicke contributed to this report.