Asian equities declined Monday as investors reacted to weaker-than-expected Chinese economic data and fresh concerns over US credit risk.
China’s National Bureau of Statistics reported April industrial output rose 6.1% year-over-year, slowing from 7.7% in March but beating forecasts. Retail sales climbed 5.1%, below the expected 5.5% and down from March’s 5.9%.
Markets across the region responded negatively as Hong Kong’s Hang Seng (^HSI) dropped 0.5%, while China’s CSI 300 (000821.SS) lost 0.5%.
Japan’s Nikkei 225 (^N225) declined 0.7% as South Korea’s Kospi (^KS11) fell 1.1%. Australia’s S&P/ASX 200 (^AXJO) dipped 0.6%.
The decline in Chinese economic data’s impact on the region was compounded by Moody’s recent downgrade of the US credit outlook, which weighed on investor sentiment.