Asian equities were mixed on Wednesday, with Shanghai stocks deepening losses despite better-than-expected Chinese gross domestic product data.
The world’s second-largest economy grew 7 percent on year in the April-June period, unchanged from the previous quarter but slightly better than Reuters estimates for a 6.9 percent rise. A spokesperson for the country’s statistics bureau insisted that the figure was accurate, denying accusations that it was inflated, Reuters reported. Other data released on Wednesday showed June industrial output and retail sales also beating forecasts.
The decline in mainland stocks has nothing to do with Wednesday’s economic data, Fraser Howie, director at Societe Generale Prime Services, told CNBC. “China’s economy and its stock market are completely uncorrelated at the moment. There’s been so much volatility in the market that the GDP print would have to be substantially different than estimates in order to change things.”