Asian markets slipped on Monday as data showed China's economy growing at its weakest pace in almost three decades, hit by the USA trade war, while investors debate the depth of an expected Federal Reserve interest rate cut.
In the first half of this year, China's economy grew 6.3% year-on-year, according to data from the National Bureau of Statistics (NBS).
Forecasters had expected China's economy to rebound in late 2018 but pushed back that target after President Donald Trump hiked USA tariffs on Chinese imports to pressure Beijing over its efforts to develop advanced technologies.
"Economic conditions are still severe both at home and overseas, global economic growth is slowing down and the external instabilities and uncertainties are increasing", said NBS spokesman Mao Shengyong. "The economy is under new downward pressure", he said in prepared remarks.
China has moved to stimulate its economy this year by boosting spending and delivering tax cuts.
Fixed-asset investments for the first half of the year rose 5.8 percent from a year earlier, compared with a 5.5 percent rise forecast by analysts.
Value-added industrial output, which measures production at factories, mines and utilities, rose 6.3% year-on-year in June, up from 5% growth in the previous month.
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China's 1.3 billion consumers have continued to buoy the economy with retail sales up 9.8% on-year in June, up from 8.6% in May.
Net exports contributed to 20.7% to output growth in the first half, down from 22.8% in the first quarter.
The trade war with the U.S. has hit demand for China's goods, compounding slowing demand from the rest of the world. Urban unemployment ticked up to 5.1 percent for the month, from 5.0 per cent in May.
Financial markets are closely watching the health of the Chinese economy as the year-long Sino-US trade war takes a heavier toll on businesses and investment, fuelling worries of a global recession.
Other economic indicators, however, surpassed market expectations.
It helped push China's manufacturing activity into contraction last month and its exports to the U.S. dropped more than 8 percent over the first half of the year.
The reading highlights the negative impact the U.S. tariffs stand-off is having on China as leaders also try to recalibrate the growth model from exports and state investment to one driven by consumer spending. While the two sides have since agreed to resume trade talks and hold off on further punitive action, they remain at odds over significant issues needed for an agreement.
"That said, we believe the PBoC will still be supportive of liquidity".
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The U.S. has also said Huawei is a national security issue - not a trade problem - amid the ongoing trade dispute with China. Separately, Huawei has shut down its USA sales of solar inverters, Roth Capital Partners said in a research note in June.
According to the New York Times , the allegation was revealed in a new court filing in which " prosecutors said that Mr. The documents also said Mr Epstein was worth at least $500 million, and posed a "tremendous risk of flight".
Liang was also quick to add that his company still preferred to work with Google and Android to develop its mobile devices. At the moment, Huawei remains on U.S. blacklist as a potential security threat, despite Trump's reassurance.
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