China's economy expanded at the target growth rate of 5%, overcoming a sharp decline in exports to the U.S. and a persistent decline in residential property prices.
Stocks in mainland China and Hong Kong struggled to advance amid elevated trade friction with the U.S. and a slowing domestic economic growth backdrop.
Japan's two benchmark indexes advanced to fresh record highs, the yen dropped to a one-year low, and the yield on 10-year government bonds advanced to the highest level since 1999.
Japan's indexes soared as much as 3%, and the yen drifted to a new one-year low, and investors returned from a three-day weekend. The yield on 10-year Japanese government bonds advanced to 2.1%, the highest since 1999.
China's inflation reports confirmed an ongoing economic slowdown amid weak domestic demand. Three new issues started trading in Hong Kong, driven by a sustained demand from foreign investors.
Three new issues priced their initial public offering and raised a total of HK $9 billion in gross proceeds. The parent company of z.ai became the first pure-play Chinese developer of AI models on the Hong Kong Exchange.
