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Asia stocks slip as data shows China’s economy grew less than expected; oil prices surge

SINGAPORE — Stocks in Asia-Pacific mostly slipped in Monday trade as investors reacted to the release of key Chinese economic data.

In mainland China, the Shanghai composite slipped 0.35% by the afternoon while the Shenzhen component declined 0.909%. The Hang Seng index in Hong Kong fell 0.31%.

China’s gross domestic product grew 4.9% in third quarter, official data showed Monday. That was below expectations of analysts in a Reuters poll for a 5.2% expansion. Industrial production also missed forecasts, rising 3.1% in September, against expectations in a Reuters poll for a 4.5% increase.

Elsewhere, the Nikkei 225 in Japan shed 0.29% while the Topix index declined 0.33%. South Korea’s Kospi traded fractionally lower.

Shares in Australia outperformed, with the S&P/ASX 200 advancing 0.1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.18%.

Oil prices surge more than 1%

Oil prices were higher in the afternoon of Asia trading hours, with U.S. crude futures gaining 1.53% to $83.54 per barrel. International benchmark Brent crude futures rose 1.11% to $85.80 per barrel.

Shares of oil companies also advanced in Monday trade, with Australia’s Beach Energy up 2.08% while Santos climbed 0.54%. In Japan, Inpex’s stock surged 5.19%. Hong Kong-listed shares of CNOOC also gained 1.15%.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.102 after a recent weakening from above 94.2.

The Japanese yen traded at 114.37 per dollar, having weakened late last week from below 114.1 against the greenback. The Australian dollar changed hands at $0.7404, largely holding on to gains after last week’s climb from below $0.732.

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