Asia Pacific stocks opened markets mixed on Wednesday amid worries over the global economic slowdown. Australia’s ASX 200 index inched lower after the release of the country’s GDP data. Japan’s Nikkei 225 index, as well as Hong Kong’s Hang Seng index, inched higher. Mainland Chinese stocks, Shanghai Composite and Shenzhen Component also inched higher.
Australia’s Economic Outlook
According to figures released by the Australian Bureau of Statistics (ABS), Australian Gross Domestic Product (GDP) rose 0.7% in seasonally adjusted chain volume terms in the June quarter. According to the Head of National Accounts at the ABS, domestic demand rose 0.7% in the second quarter. Lockdowns had a minimal impact on domestic demand.
Private demand advanced 1.0%, while household spending increased 1.1%. The gradual easing of lockdown restrictions drove the spending on services 1.3% higher. Private investment rose 2.0%, while dwelling investment increased for the fourth consecutive quarter, rising 1.7%.
Government spending moved 1.3% higher, driven by health-related expenditure. Declines in exports of mining commodities dragged the net trade. The mining operating surplus jumped 16.9%, reflecting a surge in commodity prices.
ASX 200 Performers
Among the best performers in the ASX 200 include Nuix Limited, Alumina Limited, and SkyCity Entertainment Group Limited.
Nuix Limited is an Australian technology company that produces investigative analytics and intelligence software for extracting knowledge from unstructured data. The company gained 4.72%.
Alumina Limited is an Australian mining company. The company was up 4.35% amid stronger commodity prices.
SkyCity Entertainment Group Limited was up 3.90%. The gambling company recently reported its second-quarter earnings. The company’s net profit tax jumped 33.7% to $156.1 million.
Medical companies led the laggards in the ASX 200 index. Blackmores Limited was the worst performer in the index, shedding 6.64%. According to analysts, the decline was driven by profit taking after a strong gain in August.
Mesoblast Limited was down 5.11% after the release of its earnings report. As of June 30, the company’s cash reserves were at $136.9 million. The company’s earnings report reflected a 10% growth from the previous year.