China stocks struggle after data unveils economy struggling
On Friday, China stocks edged down when the newly released data disclosed that Chinese economy kept slowing in the first quarter of 2016.
The Shanghai Composite Index dipped 0.3%, while the Shenzhen Composite Index tumbled 0.4%.
The data unveiled that Chinese economy climbed up 6.7%. The given figure got along with what experts expected, though Chinese economy keeps slowing from the previous quarter, where it demonstrated 6.8%.
Other major gauges of Chinese economy caught up with. In March, China’s industrial production edged up 6.8% from 2015, thus beating experts’ estimates. This month retail sales also rose 10,5% from 2015. Meanwhile, new home starts ascended 19.2% in the first three months of the year.
The batch of data didn’t instill confidence in the financial markets. Some experts told market participants were selling in order to bank their revenues, because the Shanghai market has managed to rally 16% since January. However, Shanghai’s major benchmark is still traded 13% down due to substantial losses in January.