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Asia shares mixed as China reports its economy grew in the second quarter

Asia shares mixed as China reports its economy grew in the second quarter

SINGAPORE — Shares in Asia-Pacific were mixed in Thursday morning trade as China reported its second-quarter gross domestic product (GDP) jumped.

Mainland Chinese stocks were mixed in morning trade, the Shanghai composite was largely flat while the Shenzhen component fell 0.517%. Hong Kong’s Hang Seng index gained 0.71%.

China’s GDP rose 7.9% year-on-year in the second quarter, official data showed Thursday. That was lower than expectations by economists in a Reuters poll for a 8.1% rise.

Meanwhile, retail sales in June jumped 12.1% from a year earlier, data from the National Bureau of Statistics showed — above analyst expectations for a 11% increase, according to Reuters.

Chinese industrial output rose 8.3% year-on-year in June, against expectations by analysts in a Reuters poll for a 7.8% increase.

In Japan, the Nikkei 225 slipped 0.87% in morning trade while the Topix index shed 0.81%. South Korea’s Kospi advanced 0.23%.

Meanwhile, the S&P/ASX 200 in Australia hovered above the flatline. Australia’s seasonally adjusted unemployment rate fell to 4.9% in June, the country’s Bureau of Statistics announced Thursday. That was less than an expected 5.0% in a Reuters poll, and was also a drop from the 5.1% jobless rate in May. 

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.4% higher.

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