Asian markets ended mostly in red on Monday, after the weakest growth in Chinese industrial output since 2008 added to evidence the world’s second-biggest economy is losing momentum. China’s factory output grew at the weakest pace in nearly six years in August while growth in other key sectors also cooled raising fears that world’s second-largest economy may be at risk of a sharp slowdown unless Beijing takes fresh stimulus measures. The output data, combined with weaker readings in retail sales, investment and imports, pointed to a further loss of momentum as the cooling housing market increasingly drags on other sectors from cement to steel and saps consumer confidence. Industrial output rose 6.9% in August from a year earlier - the lowest since 2008 when the economy was buffeted by the global financial crisis - compared with expectations for 8.8% and slowing sharply from 9.0% in July. Chinese Retail Sales fell to an annual rate of 11.9%, from 12.2% in the preceding month.
Singaporean Unemployment Rate remained unchanged at 2.0% compared to the preceding quarter while Singaporean Retail Sales rose to a seasonally adjusted 5.5%, from 0.4% in the preceding month. Singapore home sales declined to the lowest level this year in August as developers offered fewer projects amid cooling demand from long-standing property curbs. Developers sold 432 units last month compared with a revised 509 units in July. That’s the lowest since December when 259 units were sold.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2339.14 | 7.19 | 0.31 |
Hang Seng | 24356.99 | -238.33 | -0.97 |
Jakarta Composite | 5144.90 | 1.19 | 0.02 |
KLSE Composite | 1847.30 | -8.34 | -0.45 |
Nikkei 225 | - | - | - |
Straits Times | 3312.47 | -33.08 | -0.99 |
KOSPI Composite | 2035.82 | -6.04 | -0.30 |
Taiwan Weighted | 9217.46 | -5.72 | -0.06 |
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