Shares in the Asia-Pacific were mostly higher on Monday as investors monitored market reaction to Chinese economic data.

The Nikkei 225 popped 324.8 points, or 1.1%, to 28,871.78, after the country reported an expansion in GDP.

Japan’s gross domestic product for the April-June quarter missed expectations in part because of high prices, according to Sayuri Shirai, a professor at Keio University.

People are going to restaurants and amusement parks, but high prices are discouraging spending, she said.

Capital expenditure, on the other hand, was higher than what markets expected, but Shirai said that is not surprising.

In Hong Kong, the Hang Seng index folded 134.76 points, or 0.7%, to 28,660.60.

The Hong Kong shares of several Chinese firms, including China Life Insurance and China Petroleum and Chemical, fell following news that the companies plan to delist from the U.S.

The companies announced the news on Friday via disclosures on the Hong Kong Exchange.

CHINA

In Shanghai, the CSI 300 fell 5.47 points, or 0.1%, to 4,185.68.

Shares of Petrochina, Aluminum Corporation of China and Sinopec Shanghai Petrochemical also fell after they made similar announcements on Friday.

China’s factory and consumer data for July came in below estimates, according to official data.

Industrial production grew by 3.8%, below the expected 4.6% in a Reuters poll and slightly lower than the 3.9% figure reported in June.

Retail sales increased 2.7% in July compared with the same period in 2021, below the 5% growth forecast.

In other markets

Markets in Korea were shuttered for holiday

In Taiwan, the Taiex increased 128.38 points, or 0.8%, to 15,417.35.

In Singapore, the Straits Times Index dropped 12.45 points, or 0.4%, to 3,256.82.

In Australia, the ASX 200 restocked 31.84 points, or 0.5%, to 7,064.34.

In New Zealand, the NZX regained 58.51 points, or 0.5%, to 11,789.03

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