Asia markets subdued a day after mainland China sees ‘Black Monday’; ASX down 0.4%, Nikkei off 0.3% – CNBC

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Markets continued to digest better-than-expected second-quarter GDP from China released Monday. The Chinese growth rate was 6.9 percent on year compared to the 6.8 percent forecast in a Reuters poll.

Mainland markets stumbled on Monday despite the positive Chinese data, with analysts attributing dampened market sentiment to a financial policy meeting that took place at the weekend. The Shanghai Composite ended the session down 1.42 percent and the Shenzhen Composite fell 4.278 percent Monday.

The strong data is expected to provide a leg of support to commodity markets going forward, ANZ Research economist Giulia Lavinia Specchia said in a Tuesday note.

“Industrial metals were the main beneficiary, but the economic data continues to paint a positive picture for the entire sector,” Specchia added.

Copper prices edged down to trade at $5,996.50 a ton after rising to four-month highs overnight. Copper gained more than 1 percent to finish the last session at $6,004.50 a ton.

Major mining stocks in Australia traded mostly higher. Diversified miner BHP was up 1.23 percent and iron ore producer Fortescue Metals was up 1.58 percent.

South Korea’s Samsung Electronics announced a partnership with payments platform PayPal to allow for the latter’s use within the Samsung Pay system in the U.S. Users in other countries will be able to access the service “soon,” Samsung said in a statement. The Korean company’s shares slipped 0.2 percent in early trade.

In energy news, oil prices trended higher after settling down by 1 percent in the last session. Brent crude rose 0.19 percent to trade at $48.51 a barrel and U.S. crude added 0.17 percent to trade at $46.10.

In currencies, the Australian dollar traded at $0.7788 at 8:00 a.m. HK/SIN after hitting a two-year high of $0.7840 earlier in the week.

Meanwhile, the British pound edged down to trade at $1.3051 from the $1.31 handle seen earlier as Brexit talks kicked off. Sterling had traded at a 10-month high at the end of last week.

The dollar index, which measures the dollar against a basket of currencies, traded at 95.182. This was a touch higher compared to the previous close of 95.175, but still close to a 10-month low.

The dollar was steady against the yen, with the greenback fetching 112.60 yen compared to the 112.66 yen seen in the last session. This was still lower than levels around the 113 handle seen in the last two weeks.

The economic calendar for Asia is relatively top-heavy: The Reserve Bank of Australia is due to release minutes for its last meeting at 9:30 a.m. HK/SIN. The China house price index will be due at the same time.

A slew of economic data is expected during European hours, with U.K. inflation, PPI and retail prices due at 4:30 p.m. HK/SIN.

Stateside, stocks closed mostly flat as the markets anticipated earnings reports due later in the week.

Asia markets subdued a day after mainland China sees ‘Black Monday’; ASX down 0.4%, Nikkei off 0.3% – CNBC}

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