Japans Nikkei 225 falls more than 1% as Asia-Pacific stocks slip ahead of Chinese economic data for July – CNBC

Japans Nikkei 225 falls more than 1% as Asia-Pacific stocks slip ahead of Chinese economic data for July – CNBC

SINGAPORE — Asia-Pacific stocks slipped in Monday morning trade as investors await the release of Chinese economic data for July.

In Japan, the Nikkei 225 dropped 1.37% in early trade while the Topix index shed 1.1%.

Japan’s GDP rose 0.3% in the second quarter as compared with the previous three months, when it contracted 0.9%, according to official preliminary estimates released Monday. The April-June data print beat market forecasts for a 0.2% increase, according to Reuters.

Shares in Australia also dipped, with the S&P/ASX 200 0.15% lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded above the flatline.

South Korea’s markets are closed on Monday for a holiday.

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Investor focus on Monday will likely be on the release of a slew of Chinese economic data at 10 a.m. HK/SIN. That includes China’s industrial production and retail sales print for July.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.54 following a recent decline from around the 93 level.

The Japanese yen traded at 109.55 per dollar, following a strengthening late last week from above 110 against the greenback. The Australian dollar changed hands at $0.7366, above levels below $0.735 seen last week.

Oil prices slipped in the morning of Asia trading hours, with international benchmark Brent crude futures 0.61% lower at $70.16 per barrel. U.S. crude futures shed 0.66% to $67.99 per barrel.

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