Chinese stocks rose slightly thanks to the rebound in retail sales

Chinese stocks inched slightly thanks to the rebound in retail sales

Green overwhelmed the Asia-Pacific stock market in the morning session of September 15 after China announced an unexpected increase in August retail sales.

The Shanghai Composite Index edged up 0.28% in the morning session of September 15.  Photo: AFP
The Shanghai Composite Index edged up 0.28% in the morning session of September 15. Photo: AFP

Mainland Chinese stocks prospered in the morning session on September 15, with the Shanghai Composite Index inching 0.28 percent and Shenzhen Component up 0.651 percent. On the Hong Kong stock exchange, the Hang Seng Index recorded an increase of 0.48%.

Today’s Chinese economy received more positive signs. Retail sales in China in August rose 0.5% year-on-year, marking the first growth in eight months of this year, according to the National Bureau of Statistics of China. However, for the eight months of this year, retail sales in China still plunged 8.6% over the same period last year.

Meanwhile, Chinese industrial production in August increased by 5.6% over the same period last year, while investment in fixed assets in the first 8 months of 2020 decreased by 0.3%.

After the positive news on retail and industrial production, the yuan in domestic transactions strengthened CNY 6.7849 1 USD, compared to the level 6,808 CNY /USD set earlier, while overseas yuan transactions reached 6,7859 CNY /USD.

Korean stocks this morning prospered with the Kospi index inched up 0.53%, while Singapore stocks rose 0.64%. In contrast, the Australian market is tinged with red. The S & P / ASX 200 index dropped 0.14%, although the information announced by the Australian Central Bank this morning had good signals. According to the minutes of the September policy meeting released by the Central Bank of Australia, the members of these agencies assessed that “the level of the recession is not as serious as expected and the economic recovery is taking place in most of the world. regions across the country “.

After this information, the Australian dollar inched up and converted 1 AUD to “eat” 0.7307 USD, compared with 1 AUD / 0.7265 USD previously.

Japanese stocks this morning pulled back with the Nikkei 225 down 0.6% while Topix slipped more deeply with 0.7%. Sony shares in Japan slipped more than 3% but soon cut their momentum to 1.8% this morning, after the news that the electronics giant is planning to cut output of controllers that make PlayStation gaming. 5.

Sony has reduced production of PlayStation 5 controllers in the fiscal year to 4 million units. The PlayStation 5 controller output cut has been related to the problem of manufacturing a system on a custom designed Circuit (SOC).

According to Bloomberg, Sony is facing production problems, with SOC output falling to 50%. Sony has yet to comment on this matter.

The move above took place in the context of Sony trying to compete with Microsoft in the battle of new generation game controllers. The US software company recently announced the pricing details for the new Xbox controllers expected to be released in November, while Sony has yet to disclose the details of the PlayStation 5 controller prices. The product launch is scheduled for tomorrow, September 16th.

Overall, the MSCI Asia-Pacific (excluding Japan) rose 0.51%.

Money market this morning saw the greenback slide. The US dollar index against other major currencies fell to 92,972, from 93.1 previously set. Japanese Yen appreciated and converted 105.67 JPY / USD compared to 105.9 JPY / USD in the session yesterday.

Oil prices in the Asian market this morning went down, with Brent crude oil futures down 0.13% to $ 39.56 / barrel, while the US crude futures price slipped slightly and fluctuated around 37. , 28 USD / barrel.

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