Investing.com - Asian equities were mixed in afternoon trade on Monday, with Chinese stocks turned negative after opening higher earlier in the day.
Weaker-than-expected economic data released last Friday was said to be the catalyst for the selling. Growth in retail sales and industrial output in China slowed more than expected in November; official data showed.
In Asia, China’s Shanghai Composite was down 0.1%, and the Shenzhen Component slid 0.9% by 1:35 AM ET (06:35 GMT). Hong Kong’s Hang Seng Index was little changed at 26,102.0.
French food maker Danone purchased 49% of Yashili New Zealand Dairy, an indirect wholly-owned subsidiary of Hong Kong-listed Yashili International Holdings Ltd (HK:1230), for about NZ$318 million, Yashili said in a statement filed after the market closed on Friday.
The purchase price also included 49% of the "Closing Date Total Comprehensive Profit Amount” and 51% of the "Forfeited Tax Loss Amount,” although the company did not provide further details on these terms.
Mengniu’s shares rose 0.41% to HK$24.6, and Yashili’s shares remained flat on Monday morning in Asia on the news.
Danone had signed a memorandum of understanding back in June for the acquisition.
Meanwhile, the People’s Bank of China said in a statement on Monday that anti-globalisation and trade protectionism created more uncertainties and challenges for China’s economy, but the central bank will “guide reasonable growth of credit and social financing.”
Investors are now looking to a major speech by President Xi Jinping on Tuesday to mark the 40th anniversary of China's reform and opening up.
The U.S. Federal Reserve’s policy meeting is also expected to be in focus later this week. The central bank is widely expected to deliver a quarter-point interest rate hike at its meeting on Wednesday, while a post-policy meeting press conference by Fed Chair Jerome Powell will be closely watched.
Down under, Australia’s ASX 200 was up 1% after the Federal Government predicted the country is on track for its first budget surplus in more than a decade.
Elsewhere, Japan’s Nikkei gained 0.7%, while South Korea’s KOSPI traded 0.1% higher.