China Stocks Lead Asia Lower

Chinese shares tumbled on Monday due to sharp declines in the financial and property sectors, while a positive handover from Wall Street underpinned gains in the rest of Asia.

The sell-off came a day before the release of China’s fourth quarter gross domestic product (GDP) on Tuesday. The report is expected to show the economy grew 7.2 percent on year, according to a Reuters poll, down from 7.3 percent in the third quarter.

Meanwhile, U.S. stocks closed higher for the first session in six last week, with all three major indices closing over 1 percent higher on the back of rising crude oil prices and strong consumer price data. Wall Street is closed on Monday, but the State of the Union speech by President Barack Obama on Tuesday will be closely watched.


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