Markets continued to digest better-than-expected second-quarter GDP from China released Monday. The Chinese growth rate was 6.9 percent on year compared to the 6.8 percent forecast in a Reuters poll.
Mainland markets stumbled on Monday despite the positive Chinese data, with analysts attributing dampened market sentiment to a financial policy meeting that took place at the weekend. The Shanghai Composite ended the session down 1.42 percent and the Shenzhen Composite fell 4.278 percent Monday.
The strong data is expected to provide a leg of support to commodity markets going forward, ANZ Research economist Giulia Lavinia Specchia said in a Tuesday note.
“Industrial metals were the main beneficiary, but the economic data continues to paint a positive picture for the entire sector,” Specchia added.
Copper prices edged down to trade at $5,996.50 a ton after rising to four-month highs overnight. Copper gained more than 1 percent to finish the last session at $6,004.50 a ton.
South Korea’s Samsung Electronics announced a partnership with payments platform PayPal to allow for the latter’s use within the Samsung Pay system in the U.S. Users in other countries will be able to access the service “soon,” Samsung said in a statement. The Korean company’s shares slipped 0.2 percent in early trade.
In energy news, oil prices trended higher after settling down by 1 percent in the last session. Brent crude rose 0.19 percent to trade at…