Asia-Pacific Stocks Decline With Nikkei 225 Dropping 1.62%

Asia-Pacific Stocks Decline With Nikkei 225 Dropping 1.62%

Asia-Pacific stocks decline with Nikkei 225 dropping 1.62%. On Monday, Asia-Pacific stocks dropped following the release of Chinese economic data for July.

According to official data released Monday, China’s retail sales jumped 8.5% in July, which increased from a year ago. However, analysts in a Reuters poll forecasted an 11.5% rise.

Industrial production rose 6.4% in July, compared to expectation of a 7.8% year-on-year increase for the month.

Mainland Chinese stocks ended mixed, with the Shanghai composite jumping at 3,517.34, the Shenzhen component declined 0.712% to 14,693.74. Hong Kong’s Hang Seng index dropped 0.8% to close at 26,181.46.

Japan’s Nikkei 225 fell 1.62% to finish at 27,523.19. Shares of Fast Retailing and SoftBank Group tumbled more than 2% each. The Topix index fell 1.61% on to end at 1,924.98.

Japan’s GDP rose 0.3% in the second quarter according to official preliminary estimates released Monday. The April-June data surpassed market forecasts for a 0.2% increase.

Australia’s shares fell with the S&P/ASX 200 0.61% lower to reach at 7,582.50.

MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 0.5%.

Oil prices dropped during the afternoon Asia trading hours. International benchmark Brent crude reported a decline of 1.63% to reach $69.44 per barrel. U.S. crude futures slipped 1.93% to $67.12 per barrel.

The U.S. dollar index traded at 92.538 after a recent drop from around the 93 levels.

The Japanese yen reached 109.34 per dollar. The Australian dollar traded at $0.7338 as compared with a prior high of $0.7373.