Asian stocks slipped on news that economic growth and industrial production rose less than expected in China.
Jiangxi Copper, China's largest copper producer, plunged 4,5% in Hong Kong. Newcrest Mining, Australia's largest gold producer fell 8,2% after bullion prices fell to their lowest in two years. Nissan Motor, the Japanese automaker that gets 32% of its revenue from North America, slipped 2,7% on unexpectedly lower US retail sales data.
The MSCI Asia Pacific Index fell 0,9% to 136.99 at 11:46am in Tokyo, with three stocks falling for each one rising. The measure had increased by 3,5% last week, totaling the largest increase since last September. At the beginning of the week, however, the news that the Chinese GDP expanded by "only" 7,7%, a percentage below analysts' estimates, and that industrial production settled on 8,9% against a forecast of 10,1%.
"Even if the medium-term outlook is positive, investors need to digest the fact that some short-term results from Beijing may be lower than expected," said Angus Gluskie, managing director of White Funds Management. "There is no doubt that the growth of the People's Republic in the next five or six years will go at a slower pace than in the last decade".
The Shanghai Composite fell 0,7%, the Hang Seng slipped 1,2%, while South Korea's Kospi lost 0,6% and Singapore's Straits Times returned -0,3 percent .
