Asia stocks dip after historic U.S. GDP contraction; China’s manufacturing data awaited
Stocks in Asia Pacific were mostly lower in Friday morning trade following a record contraction in U.S. gross domestic in the second quarter.
In Japan, the Nikkei 225 slipped 0.62% in early trade while the Topix index shed 0.72%. The Kospi in South Korea slipped 0.17%.
Meanwhile, Australia’s S&P/ASX 200 dipped 0.88%.
Overall, the MSCI Asia ex-Japan index traded largely flat.
Data released Thursday by the U.S. government showed GDP dropping 32.9% in the second quarter — the worst drop ever, with the closest previously coming in mid-1921. Still, the data print was not as bad as feared, with economists polled by Dow Jones having expected a 34.7% decline. U.S. weekly jobless claims also came in at 1.434 million, the Labor Department reported Tuesday, roughly in line with estimates.
Markets in Singapore, Malaysia and Indonesia are closed for a holiday on Friday.
Reference: CNBC
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