Asia Pacific markets mostly declined on Friday morning, as China released worse-than-expected gross domestic product figures as its protracted trade conflict with the U.S. continuing to take its toll on growth.
Mainland Chinese markets fell after the release of the data. The Shanghai composite slipped 0.59% , while the Shenzhen composite was down 0.37%, and the Shenzhen component declined 0.45%. Over in Hong Kong, the Hang Seng index edged down 0.16%.
China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — weaker than analyst expectations for 6.1%.
Beijing’s protracted trade dispute with the U.S. has weighed on its economy, with growth slowing to 6.2% in the last quarter — its slowest pace in 27 years. China had emphasized Thursday that the U.S. must remove tariffs in order for the two countries to reach a final agreement on trade.
“Unchecked, the US-China trade conflict is set to sink growth well below 6%. Especially given that structurally, growth is set to moderate to 5% in the next 5-10 years,” Mizuho Bank’s Vishnu Varathan, head of economics and strategy, wrote in a note sent before the data was out.
Property developers in Hong Kong pared some gains they made the day before. Shares of New World Development dropped 1.07%, Henderson Land fell 1.68% and CK Asset tumbled 0.46%.
Other Asia Pacific markets
In company news, Apple supplier TSMC forecast a nearly 10% rise in fourth-quarter revenue, with strong demand for faster smartphone chips and phones on the back of better-than-expected 5G smartphone growth momentum, its CEO said in an earnings briefing, according to a Reuters report. The company reported a 12.6% rise in third-quarter revenue on Thursday.
TSMC shares edged down 0.17% in early trade on Friday.
Saudi state oil giant Saudi Aramco is said to be delaying its planned listing, as it wants to update investors with its latest earnings following the Sept. 14 attacks which knocked out half its crude output, according to a Reuters report, citing sources.
Brexit
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.600, sliding from an earlier high of 98.113.
The Japanese yen traded at 108.54, a touch stronger than 108.67 seen earlier. The Australian dollar changed hands at $0.6829 following a low of $0.6819 seen earlier.
Oil prices declined in morning trade during Asian hours: Global benchmark Brent fell 0.33% to $59.58 per barrel while U.S. crude slipped 0.24% to $53.8.
