Chinese Shares Trade Lower Despite Figures

Shares in Asia-Pacific were mixed on Monday as investors reacted to the latest Chinese economic data for October.

In Japan, the Nikkei 225 gained 116.83 points, or 0.6%, to 29,776.80, as shares of conglomerate SoftBank Group jumped 2.2%.

Preliminary estimates released Monday showed Japan’s gross domestic product declining an annualized 3% in the July-September quarter, far worse than the median market forecast for a 0.8% contraction.

The Japanese yen traded at 113.94 per U.S. dollar, following last week’s weakening from levels below 113 against the greenback.

In Hong Kong, the Hang Seng added 62.94 points, or 0.3%, to 25,390.31.

The Australian dollar was at $0.7348, having slipped from above $0.74 last week.

CHINA

In China, the CSI 300 surrendered six points, or 0.1%, to 4,882.38

The losses in mainland China came despite Chinese economic data coming in better than expected.

Data released Monday showed retail sales in China rose 4.9% year-on-year in October, higher than the 3.5% gain predicted in a Reuters poll. Industrial output for the month also grew 3.5% compared to a year ago, beating expectations by analysts in a Reuters poll for a 3% increase.

In other markets

In Taiwan, the Taiex zoomed 116.34 points, or 0.7%, to 17,634.47

In Singapore, the Straits Times Index surged 12.13 points, or 0.4%, to 3,240.58

In Korea, the Kospi index marched forward 30.72 points, or 1%, to 2,999.52

In New Zealand, the NZX 50 strengthened 56.31 points, or 0.4%, to 12,964.46.

In Australia, the ASX 200 picked up 27.06 points, or 0.4%, at 7,470.11.