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Asia stocks rise after China GDP data; Hang Seng gains 0.4%

By: Investing.com
Posted: 7/15/2013 3:27:00 AM
Referenced Stocks:

Investing.com - Asian stock markets were mostly higher during late Asian trade on Monday, after official data showed that China's economy grew in line with market expectations in the second quarter.

During late Asian trade, Hong Kong's Hang Seng Index rose 0.4%, Australia's ASX/200 Index ended up 0.2%, while Japan's Nikkei 225 Index remained closed for a public holiday.

Data released earlier showed that the world's second largest economy expanded 7.5% in the second quarter from a year earlier, in line with market expectations and slowing from a 7.7% increase in the preceding quarter.

Separate reports showed that Chinese retail sales rose to13.3% on a year-over-year basis in June, up from 12.9% in May, while industrial production declined to 8.9% in June from 9.2% the previous month.

In Hong Kong, the Hang Seng edged higher following the release of the Chinese economic data releases.

Shares in raw material producers advanced amid reduced concerns over a slowdown in global demand.

Angang Steel Company surged 6.4%, Jiangxi Copper Company gained 2.1%, while gold miner Zijin Mining Group tacked on 1.9%.

Meanwhile, in Australia, the benchmark ASX/200 Index inched modestly higher after a government report showed that China's economic growth came in line with forecasts.

Looking ahead, European stock market futures pointed to a mildly higher open, after official data showed that the Chinese economy expanded broadly in line with expectations in the second quarter.

The EURO STOXX 50 futures pointed to a gain of 0.1% at the open, France's CAC 40 futures added 0.2%, London's FTSE 100 futures eased up 0.2%, while Germany's DAX futures pointed to a gain of 0.3% at the open.

The U.S. was to release official data on retail sales and the Empire State manufacturing index later in the trading day.

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