Asia markets fall; China’s economy grew 6.3%, missing expectations

Asia-Pacific markets fell on Monday as investors digested key economic data from China.

Most notably, the world’s number two economy reported that GDP for the second quarter grew 6.3%, lower than economists expected.

Hong Kong markets will likely be closed all Monday due to a warning issued for Typhoon Talim. The Hong Kong Observatory expects storm signal No. 8 to remain in force until at least 4pm.

The Hong Kong Exchange usually cancels the morning trading sessions if the typhoon signal is No. 8 or above, and all trading sessions for the day will be cancelled if signal No. 8 or above remains in force by noon.

In mainland China, the Shanghai Composite fell 1.05% and the Shenzhen Component was down 0.45%.

In Australia, the S&P/ASX 200 was marginally lower. The country will release unemployment figures later this week, which will give clues to the Reserve Bank of Australia’s rate decisions.

South Korea’s Kospi dipped 0.12%, but the Kosdaq was up 0.11%, ahead of the release of its trade figures for June.

Japan’s markets are closed for Marine Day.

In Southeast Asia, Singapore’s non-oil domestic exports dropped 15.5% in June compared to a year earlier, while more trade data will be released from Indonesia later.

U.S. markets were mixed on Friday, with the Dow Jones Industrial Average reaching its highest level since March as strong earnings results from some of the biggest banks and companies kicked off earnings season.

However, the S&P 500 dropped 0.10%, and the Nasdaq Composite declined 0.18%, but both indexes touched their highest intraday levels since April 2022.

— CNBC’s Hakyung Kim and Tanya Macheel contributed to this report