Market - - Jan 20,2017
On Friday, Asian markets portrayed a varied status after China’s current set of economic data revealed the economy is on the path of recovery.
It was recorded that, China's economy surged by 6.8 percent in the fourth quarter from the previous year. These figures are slightly better as compared to the expected stats, on the back of record bank lending and government spending.
For the whole year of 2016, the economy grew 6.7 percent due to the advancement in industrial output by 6 percent. Moreover, fixed asset investments jumped 8.1 percent, and retail sales rose 10.9 percent.
Currently, the Asian markets will also carefully eye Trump's inauguration speech and possible executive actions after he takes over.
Mainland Chinese markets were on a rise, with the Shanghai composite up 0.31 percent and 0.98 percent higher in the Shenzhen composite.
Japan's Nikkei 225 fluctuated between negative and positive territories ahead of Trump’s inauguration, recorded to be up by 0.22 percent.
Moreover, shares of Panasonic were up 1.34 percent, after the announcement of the extension of its partnership with Tesla, moving ahead from batteries into autonomous driving technology.
Australia's S&P/ASX 200 dropped 0.59 percent, pulled by material and financial plays, however, the Australian dollar stays on track to finish higher in its fourth straight week.
The Australian dollar broke to a 10-week high due to significant help from the Chinese GDP, as said by Matt Simpson, senior market analyst at ThinkMarkets. The Australian dollar last traded at $0.7578, previously hitting as high as $0.7588.
In South Korea, the Kospi was weakened by 0.2 percent, whereas Hong Kong's Hang Seng dipped 0.62 percent. On the other hand, the US review showcased the Dow Jones industrial average posting its fifth day of losses, dragged lower by 0.37 percent at 19,732.4. The S&P 500 shut at 0.36 percent lower at 2,263.69. While the Nasdaq composite tumbled 0.28 percent to rest at 5,540.08.