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Asia pacific stock indexes mostly rose, Hong Kong’s Hang Seng collapsed 6.4 percent

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asia pacific stock indexes

Asia Pacific stock indexes mostly rose Monday, but equity markets in mainland China and Hong Kong showed significant declines.

Xi Jinping was elected general secretary of the Central Committee of the Communist Party of China on Sunday for the third time. He became the first Chinese leader to serve three consecutive terms as China’s head.

Asian Pacific stock market – what’s going on? 

China’s economy grew 3.9% in the third quarter compared with the same period last year, the State Statistics Administration (SSA) reported. Thus, the growth rate accelerated significantly from 0.4% in April-June. Analysts on average expected an increase of 3.4-3.5%.

China’s GDP grew by 3% in January-September. This is significantly lower than the target set by the authorities of the country in 2022, at about 5.5%, experts say.

Retail sales in the country rose 2.5% in September compared to the same month a year earlier, the CSU also reported. That’s the smallest rate of increase in four months. The consensus forecast was for growth of 3.3%.

China’s foreign trade surplus unexpectedly widened in September as import growth was significantly weaker than exports. Imports rose only 0.3% year-over-year, while exports rose 5.7%. Analysts polled by The Wall Street Journal had forecast on average a 1 percent rise in the former and a 4 percent rise in the latter.

Hong Kong’s Hang Seng plunged 6.4% on Monday, to its lowest in more than 13 years (since April 2009). In this case, the daily decline of the indicator was the maximum since the financial crisis of 2008.

Chinese Shanghai Composite index by trade results decreased by 2%. The value of Japanese index Nikkei 225 on Monday rose by 0.3%. South Korea’s Kospi index for the day added 1%. Australian S&P/ASX 200 index rose 1.5%.

Earlier we reported that European stock markets are mostly bullish.

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