Investing.com Reports Asian Stocks Decline Following China GDP Data and Trump Shooting Fallout

Asian stocks saw mixed performance on Monday as disappointing economic growth figures from China and uncertainty over U.S. politics weighed on sentiment.

Markets in most Asian countries retreated, with China’s economic growth of 4.7% in the second quarter falling short of expectations due to weak consumer spending and demand. This, coupled with concerns over a slowing economy, high unemployment, and a property market slump, led to losses in mainland stocks and a 1.1% slide in Hong Kong’s index.

However, Wall Street’s positive lead on Friday and optimism over interest rate cuts helped limit losses in Asian markets. Futures in Wall Street also showed mild positivity during Asian trade, as speculation over the impact of an assassination attempt on former President Donald Trump on the 2024 presidential race heightened.

Australia’s stock market outperformed, with the ASX 200 surging to a record high of 8,037.30 points, driven by gains in heavyweight banks and mining stocks. Despite underwhelming economic signals, Australian stocks benefitted from investors shifting towards more economically-sensitive sectors in anticipation of lower interest rates.

Meanwhile, South Korea’s index fell slightly, while futures for India’s index pointed to a positive open, reflecting optimism over Indian economic growth.

The focus now turns to the Third Plenum of the Chinese Communist Party, where signals on stimulus measures will be closely watched. Overall, concerns over China’s economic growth continue to influence market sentiment in Asia.