Asian Stocks Trade Little Changed After China’s Industrial Output Edge Higher In April


Asian stocks trade little changed after China’s industrial output edge higher in April. Stocks in Asia rose Friday afternoon as a data release showed China’s output jumped more than expected.

Mainland Chinese stocks surged higher by the afternoon, with the Shenzhen composite up 0.558% while the Shanghai Composite added 0.18%. Hong Kong’s Hang Seng index rose 0.4%.

Japan’s Nikkei 225 jumped 0.2% and the Topix index advanced 0.29%.

Australia stocks also edged higher with the S&P/ASX 200 up 0.86%

South Korea’s Kospi was flat. Shares in Australia saw gains, with the S&P/ASX 200 up 0.86% as shares of major miner BHP jumped 3.23%.

Overall, the MSCI Asia ex-Japan index gained 0.34% higher.

The latest data released Friday by the country’s National Bureau of Statistics show that China’s industrial output jumped 3.9% year-on-year in April. However, Analysts in a Reuters poll had projected rise in industrial output of 1.5% for April. But retail sales dropped by 7.5% in April.

Wall Street, the  Dow Jones Industrial Average ended its trading day 377.37 points higher at 23,625.34, the S&P 500 closed 1.15% higher at 2,852.50.

“Going forward, the ensuing global recession will weigh on China’s recovery,” Louis Kuijs, head of Asia economics at Oxford Economics said. “China’s growth now relies largely on domestic demand. Household consumption momentum improved substantially in April though it remained the weakest link,” Kuijs added.

The international benchmark Brent crude futures contract gained 1.51% to $31.60 per barrel. U.S. crude futures added 0.87% to $27.80 per barrel.






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