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China markets see a volatile day of trade on Monday | |
(about 5 hours later) | |
China's markets were volatile for much of Monday as mainland stock exchanges reopened following a four-day weekend. | |
The Shanghai Composite traded erratically, but closed down by 2.5% to 3,080.42. | |
The market volatility in China came as the country's National Bureau of Statistics revised its annual economic growth rate for 2014 to 7.3% down from 7.4%. | |
The Hang Seng also slipped in and out of positive territory on Monday. | |
By late afternoon trade, the Hong Kong benchmark was in negative territory, down 0.35% at 20,766.93. | |
Elsewhere in Asia | |
Other Asian markets were mixed on Monday too despite stocks in the US, which headed lower after US jobs figures were released. | |
Friday's much-anticipated jobs figures showed unemployment fell to 5.1% last month, the lowest since April 2008. | Friday's much-anticipated jobs figures showed unemployment fell to 5.1% last month, the lowest since April 2008. |
The jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates. | The jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates. |
Japan's benchmark Nikkei opened lower on Monday, down 0.65%, but finished the day closing up 0.38% at 17,860.47. | |
Economist Angus Nicholson from IG Markets said in a note that trading in Asia on Monday would be driven by two main factors. | Economist Angus Nicholson from IG Markets said in a note that trading in Asia on Monday would be driven by two main factors. |
"The delayed response to Friday's non-farm payrolls number out of the US and the reopening of the Chinese stocks markets after a four-day break," he said. | "The delayed response to Friday's non-farm payrolls number out of the US and the reopening of the Chinese stocks markets after a four-day break," he said. |
"Both of these factors are likely to spur further selling in Asian markets today, with the outcome of the [mainland] Chinese market reopening being the greater cause for concern." | "Both of these factors are likely to spur further selling in Asian markets today, with the outcome of the [mainland] Chinese market reopening being the greater cause for concern." |
In Australia the S&P/ASX 200 closed down 0.2% at 5,030.40, while South Korea's Kospi benchmark index closed down 0.15% at 1,883.22 points, after closing down 1.5% on Friday. | |