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Asia Markets: Asian markets mixed as China reports encouraging economic growth

Asia Markets

Stocks dip in Tokyo, but edge up in Hong Kong and Shanghai

Shipping containers are stacked at a port in Qingdao, China. New data showed China’s economic recovery sped up in August.

AFP/Getty Images

Asian markets were mixed in early trading Tuesday, after Wall Street rebounded from a rough week and China indicated its economic recovery sped up last month.

Japan’s Nikkei 225

  fell 0.6% while Hong Kong’s Hang Seng index

  rose 0.6%. The Shanghai Composite

  advanced 0.3% and the smaller-cap Shenzhen Composite

  gained 0.5%. South Korea’s Kospi

  rose 0.6% while benchmark indexes in Taiwan

 , Singapore

  and Indonesia

  were mixed. Australia’s S&P/ASX 200

  was flat.

China reported Tuesday that retail sales returned to growth in August for the first time in 2020, rising 0.5% year over year. Industrial production also rose 5.6%, up from the previous month and topping analysts’ estimates.

“The activity data is about as strong a signal one could expect and will continue to support the steady economic growth recovery,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note. “Assuming that COVID -19 remains under control in China, it should be safe to say activities will recover further amid supportive policies paving the way for a continuing and convincing growth rebound.”

Investors are also awaiting economic projections from the U.S. Federal Reserve at its policy meeting on Wednesday.

On Monday, the Dow Jones Industrial Average

  rose 327.69 points, or 1.2%, to finish at 27,993.33, after briefly trading above the 28,000 threshold. The S&P 500

  added 42.57 points, or 1.3%, closing at 3,383.54. The Nasdaq Composite

  climbed 203.11 points, or 1.7%, to end at 11,056.65, snapping a two-session losing streak.


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