On Monday, shares in the Asia Pacific markets were trading mostly higher, as investors were monitoring the reaction of the market to the economic data from China.
There was a mixed reaction in Chinese markets, as there was a slight decline in the Shanghai Composite to close the day at 3,276.09.
A 0.33% gain was recorded in the Shenzhen Component which saw it reach 12,460.22. A 0.72% decline was recorded in the Hang Seng index in Hong Kong in the final hour of trading.
A 0.45% rise was also seen in the Australian S&P/ASX 200 index, which closed at a value of 7,064.3. A 0.21% drop was also seen in the MSCI index of Asia-Pacific shares, excluding Japan.
The Nikkei 225 index in Japan rose by 1.14% to reach 28,871.78, while a 0.6% gain was also seen in the Topix index to reach 1,984.96 after the country disclosed that its GDP had expanded.
The retail sales and industrial output data in China for the month of July fell below the expectations of analysts.
South Korean and Indian markets were closed on Monday for a holiday.
Chinese companies delisted
A number of Chinese companies saw their Hong Kong-listed shares decline after news revealed that the US was planning on delisting them from the New York Stock Exchange.
These include China Petroleum and Chemical and China Life Insurance. The news was announced on Friday by the companies through disclosures.
There was a 1.7% drop in the shares of China Life on the Hong Kong exchange, while a 2.41% drop was recorded in China Petroleum and Chemical, or Sinopec, as it is known.
Similar announcements were also made by a few other companies, including Sinopec Shanghai Petrochemical, Aluminum Corporation of China, and Petrochina, which saw their shares fall.
For most of the year, most of the major indexes in the United States have been in bear markets, which means they have been 20% below their recent peaks.
The S&P 500 saw its worst six months since 1970, but stocks rallied in the previous month and pushed many to debate if the bear market on Wall Street may have come to an end.
Friday saw the S&P 500 close the week on a positive note, which marked the fourth consecutive week of gains.
This is the longest winning streak for the benchmark index that has been seen since November 2021.
However, market experts said that this was just a bear market rally and would not last for long.
The first half of the year saw tech stocks take most of the hit, as investors sought safety amidst a broad sell-off in the market.
But, it appears that investors are once more taking an interest in the tech sector. In other news, the GDP data of Japan for the April to June quarter also missed expectations, partly because of high prices.
Even though COVID restrictions were eased, consumption growth remained weak because of the high prices of food, utilities, and gasoline.