Shiv Telegram Media: Asia markets react as Chinas Two Sessions meeting begins; Hong Kong sees 2% decline
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China’s Economic Outlook and Asian Market Updates: Two Sessions Project 5% Growth Target for 2024
China’s annual political gathering, known as the Two Sessions, has projected an economic growth target of “around 5%” for the year 2024. In addition to this, China also announced plans to boost its defense spending by 7.2% and expects the inflation rate to rise to “around 3%.”
Meanwhile, in the Asian markets, Hong Kong’s Hang Seng index led losses, down 2.2%, while the mainland Chinese CSI 300 index saw a 0.5% increase. South Korea reported revised GDP figures showing a 0.6% growth for the fourth quarter of 2023. Japan’s capital city of Tokyo saw a rebound in inflation from a 22-month low in February.
In terms of stock market performance, South Korea’s Kospi slipped 0.53% and the small-cap Kosdaq shed 0.72%. Japan’s Nikkei 225 index rose 0.13% and the broad-based Topix gained 0.57%. The Taiwan weighted index reached a record high after gaining 0.75%. Australia’s S&P/ASX 200 index closed 0.15% lower at 7,724.20.
Moreover, gold futures settled at a record high on Monday, reaching $2,126.30 per ounce, as traders speculated that the Federal Reserve would start cutting interest rates in the second half of the year. The current price stands at $2,115.38 per ounce.
Overall, the economic outlook for China and market updates in Asia show a mix of growth projections, market fluctuations, and record highs in various sectors. Stay tuned for more updates on financial news.
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