China GDP data, oil, currencies in focus


Shares in Asia Pacific were lower in trading on Monday morning, as investors await the release of Chinese gross domestic product (GDP) data for the second quarter.

Shares in mainland China fell in early trade, with the Shanghai compound falling 1.19%, while the Shenzhen component fell 1.18%. The Shenzhen compound also yielded 1.109%.

Investors will be alert to China's gross domestic product data for the second quarter, which will be published at 10:00 a.m. HK / SIN, for clues about whether policy makers will introduce more stimulus measures in the coming months.

"GDP for the Chinese quarter in June is expected to show a slowdown in annual growth to 6.2% from 6.4% in the previous quarter," Diana Mousina, an economist at AMP Capital, wrote in a note on Friday.

Hong Kong's Hang Seng index fell 1.22%, and the city is still trapped in confusion surrounding a controversial extradition bill. The Financial Times reported Sunday that Beijing has refused to accept the resignation of Hong Kong Chief Executive Carrie Lam, citing sources.

Kospi of South Korea fell 0.55% in morning trade, and Samsung Electronics industry heavyweight shares fell more than 0.5%.

In Australia, the S & P / ASX 200 fell 0.73% due to the fall of most sectors. Shares of AMP wealth manager sank more than 15% after the company said it was "very unlikely to continue" with the sale of its life insurance and wealth protection business.

Markets in Japan are closed on Monday for a holiday.

Graph of indexes of the Asia-Pacific market

That is happening amid rising expectations that the US Federal Reserve will reduce interest rates at its monetary policy meeting later this month. Market expectations for lower rates are currently at 100%, according to the FedWatch tool of the CME Group.

Most indexes on Wall Street posted solid gains last week amid testimony from the top Fed official that indicated a rate cut was taking place. The Dow Jones Industrial Average ended its trading week at a record level, while the S & P 500 reached its first close above 3,000.

Meanwhile, the US Office of Environmental Safety and Control. UU He said Sunday that Tropical Storm Barry has reduced 73% of crude oil production in the US-regulated areas. UU From the Gulf of Mexico. Oil prices saw strong gains last week amid disruptions caused by the storm and geopolitical concerns.

On the morning of Asia's trading hours on Monday, oil prices reduced some of the previous week's gains, as benchmark futures of Brent crude fell 0.27% to $ 66.54 per barrel and crude oil futures The United States fell 0.37% to $ 59.99 per barrel.

The index of the US dollar, which tracks the dollar against a basket of its peers, stood at 96,843, after peaks above 97.5 seen last week.

The Japanese yen traded at 107.84 against the dollar after seeing levels above 108.8 in the previous week. The Australian dollar was at $ 0.7011 after a rebound of levels below $ 0.692 last week.

Here is a look at some of the data that will be published on the next day:

  • China: GDP for the second quarter, industrial production, investment in fixed badets, retail sales and energy production data at 10:00 a.m. HK / SIN
  • Indonesia: commercial data for June at 12:00 p.m. HK / SIN
  • India: wholesale price index for June at 2:30 p.m. HK / SIN

– Fred Imbert of CNBC contributed to this report.

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