China shares struggle after the previous week’s growth data
On Monday, shares in Asia demonstrated mixed performance, showing little reaction to the failed coup in Turkey. Meanwhile, Chinese data unveiled home-price increase.
Australian S&P ASX 200 grew 0.5%, the Hang Seng Index soared 0.2%, while the Shanghai Composite Index surged 0.1% and South Korean Kospi stood still.
For the most part market participants were still focused on China, that the previous week posted second-quarter growth of about 6.7%, thus matching the first quarter. Monday’s data demonstrated housing prices in the country soaring at a slower tempo. In June, Chinese home prices edged up 0,7% from a month earlier, compared to May’s and April’s 0.8% and 1% revenues respectively.
Chinese stocks were going down on worries that the growth figure, that was minimally better than expected, slumped the overall probability of major bank easing measures.
Considering the data, financial experts assume that the PBOC will most probably micromanage short-term liquidity in the system instead of imposing broad interest-rate cuts.