Business

Asian shares trade lower on weak Chinese growth data

Japanese stock board Image copyright AFP
Image caption Japan remains cautious ahead of Chinese growth data

Chinese stocks have fallen slightly after third quarter growth data missed the official target.

The world's second-largest economy grew by 6.9% compared with a year earlier - below the official 7% target but still better than predicted.

China's growth data is watched closely as a major economic driver for the region, as well as for the global economy.

The country's main index, the Shanghai Composite, fell by 0.7% to 3,367.70.

In Hong Kong, the Hang Seng fell by 0.9% to 18,131.23.

The region's largest market, Japan's Nikkei index, finished the day down 0.6% at 18,177.43 points.

South Korea's Kospi was flat in early trading at 2,030.27 points.

Stocks were also affected by the strengthening of the won currency, which hits export-oriented sectors such as cars and technology.

However, shares in Kia Motors rose almost 1% on news that sales in Europe were at a record high.

In Australia, the S&P/ASX 200 index also traded flat at 5,269.70 points.

Mining stocks were pulled down by the anticipation of slowing economic growth in China, with BHP Billiton, Rio Tinto and Newcrest all falling in early trading.

China is the biggest export market for Australian commodities.

The biggest rise in Sydney was Treasury Wine Estates - shares surged more than 12% after last week's news that the company will buy most of the wine business of Britain's Diageo.

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