Asian shares climb on weak US and Eurozone growth figures

Jake Cordell
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Asian shares - but not in China - have climbed after growth figures in the US disappointed
Asian shares have climbed after growth figures in the US disappointed (Source: Getty)

Asian shares climbed higher overnight everywhere except China as markets benefitted from Friday’s weak growth figures in both the US and the Eurozone.

Japan’s Nikkei 225 added 0.4 per cent to hit 16,635, largely unchanged on its level before the Bank of Japan (BoJ) decided on Friday to hold back on fresh stimulus.

In Hong Kong, the Hang Seng surged 1.33 per cent, while the other major index, the Kopsi in South Korea also added 0.7 per cent.

On one measure of non-Japanese stocks, compiled by index MSCI, Asian-Pacific shares are now at their highest level in a year.

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The climb came as investors scrambled around the world in search of growth markets. Figures out on Friday showed the US economy grew just 1.2 per cent on an annualised basis in the third quarter, less than half the rate economists had expected.

As France ground to a halt despite the Euro 2016 championships, the Eurozone also managed to climb just 0.3 per cent in the three months to June.

Equities inside China slipped, however, as mixed data on the health of the country’s manufacturing sector did little to restore faith in the robustness of the world’s second largest economy.

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