Yahoo Finance Asian Markets Mixed; Chinese Stocks Rise Ahead of Key Data
Investing.com - Asian markets were mixed in morning trade on Friday. Chinese stocks rose ahead of the release of the latest industrial production and retail sales data.
China’s Shanghai Composite and the Shenzhen Component rose 0.2% and 0.3% by 10:30 PM ET (02:30 GMT). Hong Kong’s Hang Seng Index slipped 0.3% as tension remains high over a controversial extradition bill.
Citing people familiar with the matter, Bloomberg reported that e-commerce giant Alibaba (NYSE:BABA) has filed confidentially for a Hong Kong listing. The offering could raise as much as $20 billion, according to the report.
China-listed affiliated firms such as New Huadu Supercenter Co Ltd (SZ:002264) and Sanjiang Shopping Club Co Ltd (SS:601116), both backed by Alibaba, rose by their 10% daily limits following the news.
Japan's Nikkei 225 gained 0.4%. South Korea's KOSPI was down 0.3%.
Down under, Australia's ASX 200 inched up 0.1%.
Markets now await the release of Chinese retail sales and industrial production data due at 07:00 GMT. Without any other major directional drivers in the morning, traders continue to put their attention on the Sino-U.S. trade war developments.
U.S. President Donald Trump has said this week that a trade deal would not be signed unless China returns to terms agreed earlier this year. Trump and his Chinese counterpart Xi Jinping are expected to meet at the G-20 meeting in Japan later this month.
In other news, the Chinese Commerce Ministry said on Friday that it was raising anti-dumping duties on certain alloy-steel seamless tubes and pipes used at utilities and imported from the United States and the European Union.
The tax rate applicable will be between 57.9% and 147.8% and will kick in on June 14.
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