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China's Shanghai composite index rallies 2.91%

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Asian stocks ended mixed on Friday as a slew of Chinese data backed calls for more stimulus.

The yen was little changed after Japan's key inflation gauge slowed in September for the first time in five months but an index excluding the effect of fuel held steady, keeping the Bank of Japan on track to raise interest rates further.

Gold continued to trade with a positive bias, climbing above $2,700 per ounce despite a surge in the U.S. yields and dollar after the release of upbeat retail sales data.

Oil edged up slightly but was on track for its biggest weekly loss in over a month.

 

China's Shanghai Composite index rallied 2.91 percent to 3,261.56 as the country's major commercial banks cut their deposit rates for a second time this year and the central bank officially launched a swap facility aimed at boosting the equity market.

Hong Kong's Hang Seng index jumped 3.61 percent to 20,804.11, getting a lift from technology shares after Taiwanese chipmaker and Nvidia supplier TSMC posted forecast-beating earnings.

China's GDP grew 4.6 percent on a yearly basis in the third quarter, official data showed earlier in the day. This was the weakest growth since the first quarter of 2023.

Industrial production surged 5.4 percent in September and retail sales growth improved to 3.2 percent from 2.1 percent in the previous month while property investment contracted 10.1 percent from a year ago, separate set of data revealed.

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First Published: Oct 18 2024 | 4:36 PM IST

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