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Asian markets sluggish after weak US GDP figures

Asian markets sluggish after weak US GDP figures

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Asian stocks struggled to move upwards on Monday in morning session after weaker-than-expected US economic growth data and amid tensions over North Korea.

Asian markets sluggish after weak US GDP figures

Australia’s ASX 200 traded up 0.13% in early trade, with most sectors higher. The energy sector, however, was down 0.41% as oil plays struggled for gains.

Oil Search shares were down 0.28%, Santos fell 0.14%, Woodside Petroleum was down 0.16%, Beach Energy lower by 1.36% and Origin Energy fell 1.25%.

In Japan, the Nikkei 225 rose 0.15%, with energy names also struggling – shares of Inpex fell 0.98%. Many markets in Asia and Europe are closed for Labour Day.

Economic figures showed US economy grew at its weakest pace in three years in the first quarter. Consumer spending almost stalled, but a surge in business investment and wage growth suggested activity would regain momentum as the year progresses, capping stock market losses.

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