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Asian Stocks Mixed Alongside Latest China Economic Data By Investing.com

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mixed on Thursday morning, with China releasing mixed economic data and investors assessed the challenges ahead as the third quarter draws to a close.

China’s slid 1.83% by 10:30 PM ET (2:30 AM GMT) while the jumped 1.28%. showed that September’s purchasing managers index (PMI) was at a lower-than-expected 49.6. However, the PMI and the were at a better-than-expected 53.2 and 50 respectively.

China Evergrande Group’s (HK:) debt woes also continued to be on investors’ minds, with the People’s Bank of China injecting liquidity into the financial system on Wednesday ahead of a week-long holiday.

Hong Kong’s fell 1.19%.

Japan’s was down 0.38%, with contracting a bigger-than-expected 3.2% month-on-month in August. The ruling Liberal Democratic Party chose Fumio Kishida as its new leader on Wednesday, with Kishida likely to be the country’s next prime minister.

South Korea’s edged up 0.17%.

In Australia, the jumped 1.46%, with growing 6.8% month-on-month while grew 0.6% month-on-month in August.

Some investors remain cautiously optimistic despite concerns over global economic growth due to inflationary pressures and looming energy crises.

“Growth has clearly hit an air pocket here with concerns about COVID-19, with the drama going on in Washington right now, the Chinese property sector that has sent tremors to global markets. Having said that, the general trajectory of the global economy remains very much where it was earlier in 2021,” Barings chief global strategist Christopher Smart told Bloomberg.

Jerome Powell, the Chairman of U.S. Federal Reserve, and Christine Lagarde (ECB President) spoke on Wednesday at an ECB forum. Haruhiko Kuroda and Andrew Bailey, Bank of England, and Bank of Japan governors, also addressed the audience. These men were cautiously optimistic about the possibility of supply-chain disruptions lowering global inflation rates.

Janet Yellen, U.S. Treasury secretary will be testifying at a House Banking Committee hearing late in the day.

U.S. economic data (including ) is expected later in the afternoon. Further data, including the and the , will be released on Friday.

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