Investing.com – Asian stocks fell on Monday following China's slightly weaker than expected data for the fourth quarter GDP and December industrial production and retail sales.
China's GDP rose 7.7% in the fourth quarter from a year ago, slower than the 7.8% it posted in the third quarter, according to data released Monday by China's National Bureau of Statistics. For the year it also posted 7.7% growth, matching 2012.
Year-on-year industrial production in December grew by 9.7%, which was less than the expectation of 9.8%. Retail sales in China rose 13.6% in December from a year earlier, in line with expectations.
In Japan, Nintendo Co. stocks plummeted 12.2% after the company said that it would post an operating loss for the financial year ending March 2014 and lowered the sales forecast of its Wii U game console to 2.8 million units this year, which is less than one third of its original estimates.
The Nikkei 225 fell 0.52% in morning trading, the Hang Seng index fell by 0.53% and the Shanghai Composite index fell 0.42%. Australia's S&P ASX/200 lost 0.6% and South Korea's Kospi rose 0.2%.
In corporate news, Nintendo Co. was in focus in Japan as its stock plummeted 11% after the company slashed its sales forecast and said it would post an operating loss for the fiscal year ending March. The game maker has been hit by poor sales of its Wii U game console. It said Friday that it expects to sell just 2.8 million units in the year to March, less than a third of its original estimate.
In Australia, Paladin Energy climbed 3% after it said it had agreed to sell a 25% stake in its Langer Heinrich uranium mine in Namibia to a unit of state-owned China National Nuclear Corp. for $190 million.
U.S. markets will be closed on Monday for the Martin Luther King Jr. holiday.
On Friday, the official U.S. data showed that industrial production rose 0.3% in December, in line with expectations, after a 1% increase in November whose figure was revised down from a previously estimated 1.1% gain.
A separate report showed that U.S. building permits declined 3% to 0.986 million units in December, from 1.017 million units the previous month. Analysts had expected building permits to slip to 1.015 million units last month.
Data also showed that U.S. housing starts rose dropped 9.8% to 0.999 million units in December, from an upwardly revised 1.107 million units in November, compared to expectations for a decline to 0.990 million units.
In earnings news, General Electric shares were down 1.82% even after the company posted a rise in quarterly net profit.
Morgan Stanley surged 2.42% on the other hand, as the U.S. lender reported earnings that beat analyst estimates.
Elsewhere, Apple shares tumbled 0.97% after China Mobile launched its long-awaited sale of iPhones on Friday. China Mobile has the world's biggest network of cell phone users.
In the same sector, Qualcomm edged up 0.12% amid reports Chief Executive Officer Paul Jacobs made USD20.4 million in 2013, his last full year of leading the maker of chips for mobile phones.
Chief Operating Officer Steve Mollenkopf is set to take over as CEO on March 4.
United Parcel Service was also in focus, down 2.48%, after estimating quarterly profit below market' expectations, partly due to a shorter U.S. holiday season.
China's GDP rose 7.7% in the fourth quarter from a year ago, slower than the 7.8% it posted in the third quarter, according to data released Monday by China's National Bureau of Statistics. For the year it also posted 7.7% growth, matching 2012.
Year-on-year industrial production in December grew by 9.7%, which was less than the expectation of 9.8%. Retail sales in China rose 13.6% in December from a year earlier, in line with expectations.
In Japan, Nintendo Co. stocks plummeted 12.2% after the company said that it would post an operating loss for the financial year ending March 2014 and lowered the sales forecast of its Wii U game console to 2.8 million units this year, which is less than one third of its original estimates.
The Nikkei 225 fell 0.52% in morning trading, the Hang Seng index fell by 0.53% and the Shanghai Composite index fell 0.42%. Australia's S&P ASX/200 lost 0.6% and South Korea's Kospi rose 0.2%.
In corporate news, Nintendo Co. was in focus in Japan as its stock plummeted 11% after the company slashed its sales forecast and said it would post an operating loss for the fiscal year ending March. The game maker has been hit by poor sales of its Wii U game console. It said Friday that it expects to sell just 2.8 million units in the year to March, less than a third of its original estimate.
In Australia, Paladin Energy climbed 3% after it said it had agreed to sell a 25% stake in its Langer Heinrich uranium mine in Namibia to a unit of state-owned China National Nuclear Corp. for $190 million.
U.S. markets will be closed on Monday for the Martin Luther King Jr. holiday.
On Friday, the official U.S. data showed that industrial production rose 0.3% in December, in line with expectations, after a 1% increase in November whose figure was revised down from a previously estimated 1.1% gain.
A separate report showed that U.S. building permits declined 3% to 0.986 million units in December, from 1.017 million units the previous month. Analysts had expected building permits to slip to 1.015 million units last month.
Data also showed that U.S. housing starts rose dropped 9.8% to 0.999 million units in December, from an upwardly revised 1.107 million units in November, compared to expectations for a decline to 0.990 million units.
In earnings news, General Electric shares were down 1.82% even after the company posted a rise in quarterly net profit.
Morgan Stanley surged 2.42% on the other hand, as the U.S. lender reported earnings that beat analyst estimates.
Elsewhere, Apple shares tumbled 0.97% after China Mobile launched its long-awaited sale of iPhones on Friday. China Mobile has the world's biggest network of cell phone users.
In the same sector, Qualcomm edged up 0.12% amid reports Chief Executive Officer Paul Jacobs made USD20.4 million in 2013, his last full year of leading the maker of chips for mobile phones.
Chief Operating Officer Steve Mollenkopf is set to take over as CEO on March 4.
United Parcel Service was also in focus, down 2.48%, after estimating quarterly profit below market' expectations, partly due to a shorter U.S. holiday season.