Asia report: Markets mixed as China GDP misses forecasts

In Japan, the Nikkei 225 slid 0.56% to 22,532.08, as the yen declined 0.22% against the dollar to last trade at JPY 112.46.

The broader Topix was off 0.69% in Tokyo.

On the mainland, the Shanghai Composite was 2.58% firmer at 2,550.47, while the smaller, technology-heavy Shenzhen Composite rose 2.58% to 1,263.81.

Sentiment was initially curbed in China after the release of GDP data for the third quarter, with economic growth slowing to 6.5% over last year.

That was just short of Reuters-polled forecasts for a 6.6% figure for the three-month period, and was the weakest pace of growth since the first three months of 2009.

“The combination of slower global economic growth, ongoing US-China geopolitical [and] trade concerns and the increased likelihood the FOMC raises the funds rate by more than is currently discounted is weighing on investment sentiment," noted Commonwealth Bank of Australia senior currency strategist Elias Haddad.

Bourses in the country ended in the green, however, after the country’s securities regulator announced a number of new measures to support the stock markets.

South Korea’s Kospi was up 0.37% at 2,156.26, while the Hang Seng Index in Hong Kong managed gains of 0.42% to 25,561.40.

Oil prices were higher, with Brent crude last up 1.1% at $80.17 per barrel, and West Texas Intermediate rising 0.84% to $69.23.

In Australia, the S&P/ASX 200 slipped 0.05% to 5,939.50, with the hefty financials subindex improving 0.43%.

Most of the big banks were above the waterline, with the notable exception of National Australia Bank, which was down 0.27% by end-of-play.

The company’s chief executive Andrew Thorburn announced earlier in the session that around 300 of the bank’s staff had quit or been sacked since internal investigations into inappropriate practice.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 had the biggest losses in the region, falling 1.2% to 8,802.26.

It was led lower by fuel supplier Z Energy, which was down 3.9% to close at its lowest level since February 2016, in the face of higher oil prices, bigger competition from discount-focussed competitors, and the looming threat of more government regulation.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.62% at AUD 1.3999, and the Kiwi advancing 0.93% to NZD 1.5142.