News Column

China grows, markets stall

July 16, 2014



Asian markets were little changed Wednesday, after China reported the world's second-largest economy grew in line with the government's target. Technology firms led declines, while material producers climbed.

Japan'sNikkei 225 index dropped 15.86 points, or 0.1%, to 15,379.30

The Hang Seng Index in Hong Kong gained 63.32 points, or 0.3%, to 23,523.28

TPK Holding Co., a supplier of touch screens to Apple Inc., retreated 4.9% in Taipei. Mirae Asset Securities Co. slumped 15% in Seoul after saying it will buy a stake in Mirae Asset Life Insurance.

Illuka Resources paced gains among materials shares, climbing 3.9% in Sydney, after the world's biggest zircon producer reported production that topped estimates. Rio Tinto Group added 1.3% after iron-ore output surged in the second quarter.

Huadian Power International Corp. surged 11% in Hong Kong, its highest close since 2007. The mainland utility said it expects first-half profit to jump as much as 65%.

Mirae Asset Securities sank 15% in Seoul. The brokerage said it will buy a stake in Mirae Asset Life Insurance for 320.2 billion won ($310 million U.S.) from Mirae Asset Capital.

CHINA

The Shanghai CSI 300 index eased 4.11 points, or 0.2%, to 2,170.87

China's economic growth rate accelerated to 7.5% in the second quarter from a year earlier, a report showed today. JPMorgan Chase & Co. yesterday said profit beat analysts' estimates and Goldman Sachs Group reported an unexpected increase in earnings.

China's second-quarter GDP growth of 7.5% compared with 7.4% expansion in the previous three months. Retail sales gained 12.4% in June from a year earlier and industrial production jumped 9.2%.

In other markets;

In Korea, the Kospi index inched up 0.76 points to 2,013.48

Singapore's Straits Times Index took on 13.01 points, or 0.4%, to 3,304.43

In Taiwan, the Taiex index plummeted 84.44 points, or 0.9%, to 9,484.73

In New Zealand, the NZX 50 subtracted 1.15 points to 5,114.24

Australia's S&P/ASX 200 eked up 7.56 points, or 0.1%, to 5,518.86


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Source: Baystreet Foreign Markets Wrap (Canada)


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