Asian stock markets closed without a single direction on Monday (17), after China’s economy grew more than expected in the last quarter of 2021, but slowed significantly to the point of prompting the Chinese central bank to cut interest rates.
In mainland China, the Shanghai Composite index rose 0.58% today to 3,541.67 points, and the less comprehensive Shenzhen Composite index rose 1.54% to 2,473.01 points.
China’s Gross Domestic Product (GDP) expanded 4% year-on-year in the fourth quarter of last year, slightly higher than expected but far less than the 4.9% gain seen in the third quarter.
With the slowdown in China, which came amid recurring outbreaks of Covid-19 and the weakness of the real estate sector, the PBoC – the country’s BC – announced an interest rate cut.
For Capital Economics, further interest rate reductions will come in the short term and throughout the first half of this year.
China also released industrial production figures, which exceeded expectations, and retail figures, which disappointed.
Elsewhere in Asia, Japan’s Nikkei gained 0.74% in Tokyo on Monday, at 28,333.52 points, and the Taiex gained 0.66% in Taiwan, at 18,525.44 points, while the Hang Seng fell. 0.68% in Hong Kong, at 24,218.03 points, and the South Korean Kospi dropped 1.09% in Seoul, at 2,890.10 points.
In Oceania, the Australian stock market was in the black, helped by shares in retailers, oil and technology. The S&P/ASX 200 gained 0.32% in Sydney at 7,417.30 points.
Reference: CNN Brasil
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