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Asian stocks retreat amid mixed Chinese data, EU uncertainty

Published 17/06/2024, 02:08 pm
© Reuters.

Investing.com - Asian stock markets were mostly weaker on Monday as conflicting economic data from China underscored the country's uneven recovery, while political uncertainty in Europe dampened risk appetites.

Chinese blue-chip shares fell by 0.2% after retail sales for May exceeded expectations with a 3.7% increase. However, both industrial production and fixed-asset investment failed to meet forecasts.

Additional data revealed that home prices in May experienced the fastest drop in a decade, underscoring the ongoing difficulties in the property sector.

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This resulted in cautious trading, with MSCI's broadest index of Asia-Pacific shares outside Japan falling by 0.1%.

Japan's Nikkei declined by 1.7%, with investors now having to wait six weeks for details of the Bank of Japan's next tightening steps.

Euro Stoxx 50 Futures rebounded by 0.3% after severe losses last week, while FTSE futures rose slightly by 0.4%.

S&P 500 Futures were stable, while Nasdaq 100 Futures increased by 0.1% following a series of record closes.

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