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Asian Markets Mixed Amid Disappointing Economic Data

Investing.com - Asian markets were mixed in morning trade on Thursday following the release of disappointing economic data across the region.


The Shanghai Composite inched up 0.1% by 10:47 PM ET (02:47 GMT), while the SZSE Component gained 0.4% as investors shrugged off data that showed China’s economy slowed further in October.


In October, industrial output rose 4.7% from a year earlier, compared with a median estimate of 5.4%. Retail sales climbed 7.2%, also less than the forecast of a 7.8% increase.


Fixed-asset investment slowed to 5.2% in the first ten months, versus the expected 5.4%.


The Hang Seng Index fell 1%. Hong Kong stocks were under pressure this week and fell more than 5% so far as concerns about worker safety grew. In the past three days, protesters shutdowns transportations during morning rush hours, while police fired tear gas outside major office buildings.


Data compiled by Bloomberg showed that the pace of Hong Kong takeovers by Chinese companies has plunged 80% since June, although markets for initial and secondary stock offerings are relatively less impacted.


Index heavyweight Tencent Holdings Ltd (HK:0700 )traded more than 2% lower after the company reported worse-than-expected earnings.


Japan’s Nikkei 225 traded 0.7% lower after the Cabinet Office reported on Thursday that the country’s economy grew at 0.2% quarter-on-quarter in the three months through September. Economists had forecast a 0.9% expansion.


Down under, Australia’s ASX 200 gained 0.5%. While not a directional driver, the country’s unemployment rate unexpectedly rose 5.3% in October versus the expectation of no change from 5.2% last month, according to data from the statistics bureau.



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