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Asian stocks end lower, with lower-than-expected Chinese growth

Chinese and Hong Kong stocks closed lower on Thursday, pressured by increasingly bleak growth prospects for the world’s second-largest economy, amid outbreaks of Covid-19, a housing crisis, a wave of record heat and limited space for monetary easing.

The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, closed down 0.87%, while the Shanghai index was down 0.46%.

The Hong Kong Hang Seng Index, meanwhile, fell 0.8%.

Nomura lowered its forecast for China’s economic growth, citing weak activity data in July, the lingering impact of the pandemic and the worst heat wave in six decades.

“The response may have been too small, too late and too inefficient,” said Nomura, which lowered China’s growth forecast to 2.9% in the third quarter from 4.0%.

The GDP forecast for 2023 has also been lowered, to 5.1% from 5.5%, and Nomura expects “a new round of cuts” in the coming weeks by other exchanges.

  • In TOKYO, the Nikkei index fell 0.96% to 28,942 points.
  • In HONG KONG, the HANG SENG index fell 0.80% to 19,763 points.
  • In SHANGHAI, the SSEC index lost 0.46% to 3,277 points.
  • The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, dropped 0.87% to 4,180 points.
  • In SEOUL, the KOSPI index fell by 0.33% to 2,508 points.
  • In TAIWAN, the TAIEX index dropped 0.44% to 15,396 points.
  • In SINGAPORE, the STRAITS TIMES index rose by 0.33% to 3,273 points.
  • In SYDNEY, the S&P/ASX 200 index fell 0.21% to 7,112 points.

Source: CNN Brasil

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