Asian stocks mixed, China sets yuan weaker than 7

Friday, 09. August 2019 07:45

Markets in China traded lower on Friday as the country's central bank set the yuan midpoint rate at 7.0136 against the dollar, marking a level weaker than 7 for the second time this week. A rate this low was last seen in early April 2008. Additionally, data from China showed that annual inflation in the country increased 2.8% in July, but investors were surprised by a jump of 9.1% in food prices in July, compared to last year. Producer prices fell 0.3% compared to July 2018. Meanwhile, sentiment was positive in Japan after gross domestic product (GDP) data showed the country's economy is growing better than analysts had predicted. Japan's GDP increased by 1.8% in July year-on-year and was up 0.4% quarter-on-quarter.

The Shanghai Composite lost 0.28% and the Shenzhen Composite was down 0.77%, both at 7:40 am CET. The Hang Seng decreased by 0.18% at 7:41 am CET.

Japan's Nikkei 225 rose 0.59% at 7:42 am CET.

Australia's S&P/ASX 200 was 0.30% higher at 7:42 am CET and in South Korea Kospi jumped 1.13%.

The dollar was 0.10% lower compared to the yen and going for 105.9660 at 7:43 am CET.

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Author:
Breaking the News / VP