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

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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%.

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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.

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“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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