Brexit deal, pound and China economic data in focus


Asia Pacific markets traded mixed on Thursday after data showed growth in China’s industrial output fell. Overnight, British lawmakers rejected the idea of leaving the European Union without a Brexit deal in place.

The Nikkei 225 in Japan eased some of its gains to trade up 0.66 percent while the Topix index added 0.37 percent.

In South Korea, the Kospi gave up gains of near 0.4 percent in early trade to rise fractionally higher. Hong Kong’s Hang Seng Index added 0.11 percent.

Chinese mainland shares withdrew as the Shanghai composite fell 0.91 percent while the Shenzhen composite tumbled 2.39 percent.

Data on Thursday showed China’s industrial output growth fell to a 17-year low in the first two months of the year, according to Reuters. That further pointed to an economic slowdown in the world’s second-largest economy. But investments picked up pace as the government fast-tracked more road and rail projects, the news agency added.

Beijing has already pledged hundreds of billions of dollars in tax cuts and infrastructure spending to support the flagging economy.

The on-shore yuan traded at 6.7085 to the dollar after the People’s Bank of China set the day’s yuan midpoint at 6.7009. China’s central bank allows the currency exchange rate to rise or fall 2 percent from the midpoint rate.

Australia’s benchmark ASX 200 gave up most of its morning gains to trade flat.


Source link Google News