Asian stocks were mostly on the negative territory on Tuesday’s opening bell following a poor trading session in the stateside as markets in China experienced a mini crash on the day.
Chinese markets tumbled on Monday, or “Black Monday” as they call it, regardless of the release upbeat data on the nation. Analysts are currently accrediting depressed market sentiment to a conference on financial policies that happened last weekend. Research economist at ANZ Giulia Lavinia Specchia noted that the positive figures are forecasted to give support to commodity markets on moving forward.
Specchia added that metals that are utilized in industrialization were the main recipient, but the economic health of the nation based on its released data is further painting an upbeat future for the sector. The price of copper fell and finished at $5,996.50 per ton following its advance to its 4-month highs overnight. Copper rose about 1 percent to trade at $6,004.50 per ton on the previous session.
On Asian indices, Japanese benchmark Nikkei 225 index slipped by 0.31 percent, the Kospi index in South Korea inched down by 0.1 percent and the Aussie ASX 200 also tumbled on the day by 0.36 percent. Mainland markets were also on the red with the Shenzhen Composite plunging by 4.278 percent and the Shanghai Composite closing 1.42 percent lower.
As of now, markets are still enduring unexpectedly higher data from China’s second quarter gross domestic product (GDP) that was posted last Monday. The economic growth rate of China has surpassed a Reuters poll as it was 6.9 percent on year versus the projected 6.8 percent.