HONG KONG (AFP) – Asian markets were mixed Thursday after a record-breaking rally on Wall Street finally came to an end, while China released another batch of disappointing data indicating a slowdown in the economic giant.
Japanese shares extended their run upwards thanks to the weaker yen, with attention turning to Prime Minister Shinzo Abe as speculation swirls that he may put off a planned sales tax hike and call a snap general election.
Tokyo jumped percent 1.14 percent, or 195.74 points, to 17,392.79 and Hong Kong added 0.34 per cent, or 81.76 points to 24,019.94.
But Sydney slipped 0.37 percent, or 20.35 points, to close at 5,442.7, while Seoul gave up 0.36 per cent, or 7.24 points, to 1,960.30.
Shanghai fell 0.35 per cent, or 8.87 points, to 2,485.61. China’s National Bureau of Statistics said growth in industrial output slipped to 7.7 per cent year-on-year in October, from 8.0 per cent the previous month and below forecasts of 8.0 per cent.
In the same month retail sales, a key indicator of consumer spending, increased a less-than-expected 11.5 per cent. Fixed asset investment, a measure of government spending on infrastructure, expanded 15.9 per cent in the first 10 months, below the 16.0 per cent tipped.
The figures are the latest showing the world’s number two economy and key driver of global and regional growth is slowing despite easing measures from Beijing.On oil markets US benchmark West Texas Intermediate (WTI) for December delivery fell 23 cents to $76.95 while Brent crude was down 52 cents at $79.86 in afternoon trade.
Gold was at $1,158.06 an ounce, compared with $1,163.87 late Wednesday.