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Asian stocks mixed, the yuan fell below 7 levels against the dollar

2019-08-09 06:54 am | Resource: News | No Views : 41

 Asian stocks mixed, the yuan fell below 7 levels against the dollar

Markets in China fell on Friday as China's central bank set the mid-yuan price at 7.0136 against the dollar, weakening from 7 for the second time this week. The latest rate of decline was seen in early April 2008.
  • In addition, data from China showed that the country's annual inflation rose 2.8% in July, but investors were surprised by the 9.1% rise in food prices in July, compared to last year. Producer prices fell 0.3% compared to July 2018.
  • At the same time, sentiment was positive in Japan after GDP data showed that the country's economy was growing better than analysts had expected. Japan's GDP rose 1.8% in July year on year and rose 0.4% qoq.

China's inflation rate rose to 2.8% in July

China's consumer price index rose to a 17-month high of 2.8% in July from 2.7% the previous month and above market estimates of 2.7%, the National Bureau of Statistics said. On a monthly basis, the consumer price index rose 0.4% in July.

The country's PPI fell 0.3%, worse than market expectations of a 0.1% decline and after a steady reading the previous month.

Seoul wants to start military cooperation with North Korea soon

On the political front, Kim Yeon Han, a press official at the Unification Ministry in Seoul, said on Friday that an inter-Korean military commission should be set up soon. As the deputy spokesman said: "In order to move forward in efforts to build military confidence, it is necessary to cooperate South and North, such as the establishment of a joint military commission between the two Koreas ... at an early date."

Earlier this week, North Korea strongly criticized military exercises organized by South Korea and the United States. Over the past two weeks, Pyongyang has launched a number of missiles in the Sea of ​​Japan, known in Korea as the East Sea, to protest the decision to conduct a joint military exercise.

Asian shares trading
  • The Shanghai Composite lost 0.28% and the Shenzhen Composite fell 0.77%, at 7:40 am CET.
  • The Hang Sang fell 0.18% at 7:41 am CET.
  • Japan's Nikkei 225 rose 0.59% at 7:42 CET.
  • Australia's S & P / ASX 200 rose 0.30% at 7:42 CET.
  • In South Korea, the Kospi jumped 1.13%.

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