Business

Stocks mixed despite ratings agency S&P lifting China outlook

Nikkei stock board Image copyright Getty Images

Asia stocks closed mixed after Standard & Poor's raised its China growth forecast to 6.6% this year, up from the prior forecast of 6.35%.

For 2017 the ratings agency expects the world's second-biggest economy to expand by 6.3%.

Hong Kong's Hang Seng finished 0.7% higher at 21,803.18., while the Shanghai Composite closed 0.4% down at 21,803.18.

In Australia, the ASX/200 rose 0.5% to close at 5,458.50 points.

South Korea's benchmark Kospi finished 0.2% higher to 2,021.11 points.

Japan's markets are closed for a public holiday.

When they reopen tomorrow, investors will be closely watching shares of Softbank after it announced a more-than-£24bn purchase of one of the UK's biggest technology companies, ARM Holdings.

In the currency markets, the Turkish lira recovered some of its losses against the US dollar in Asian trading after the government thwarted an apparent military coup over the weekend.

The lira rose by just over 2% in intraday trading as investors' fears about the political situation in Turkey eased.

The currency had tumbled by nearly 5% on Friday following news of the coup.