Asia Stocks Mixed

Shares in the Asia-Pacific closed mixed on Monday, after China reported disappointing economic numbers as a result of COVID restrictions.

In Japan, the Nikkei 225 advanced 119.4 points, or 0.5%, to 26,547.05.

The Japanese yen traded at 129.40 per U.S. dollar, stronger than the 130 levels seen last week.

In Hong Kong, the Hang Seng Index took on 51.44 points, or 0.3%, to 19,950.21.

Tech stocks in Hong Kong struggled for direction, rising early in the session and then falling after bad news from China on the economic front.

The Australian dollar was at $0.6917.


In Shanghai, the CSI 300 index retreated 32.06 points, or 0.8%, to 3,956.54.

China’s economic data for April missed expectations, hurt by strict COVID limits in parts of the country.

Retail sales for April dropped 11.1% compared to a year ago, more than the 6.1% fall that analysts expected, according to a Reuters poll. Industrial production fell 2.9% from the same period in 2021. It was expected to inch up 0.4%.

China’s 31 largest cities saw unemployment rates rise to a new high of 6.7% in April, according to data going back at least to 2018.

Shanghai authorities said on Sunday that some businesses will begin to resume in-store operations, Reuters reported.

In other markets

Markets in Singapore were shuttered for holiday.

In Taiwan, the Taiex jumped 68.5 points, or 0.4%, to 15,91.04.

In Korea, the Kospi index dipped 7.66 points, or 0.3%, to 2,596.58

In New Zealand, the NZX 50 lost 10.51 points, or 0.1%, to 11,157.66.

In Australia, the ASX 200 nosed ahead 17.92 points, or 0.3%, to 7,093.03.