Global Economy

Asia stocks mixed after historic U.S. GDP contraction; China's factory activity in July beats expectations

Data released Thursday by the U.S. government showed GDP dropping 32.9% in the second quarter — the worst drop ever, with the closest previously coming in mid-1921. Still, the data print was not as bad as feared, with economists polled by Dow Jones having expected a 34.7% decline. U.S. weekly jobless claims also came in at 1.434 million, the Labor Department reported Tuesday, roughly in line with estimates.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 92.628 after declining from levels above 93.8 earlier in the trading week.

The Japanese yen traded at 104.24 per dollar after strengthening from levels above 105.3 against the greenback this week. The Australian dollar changed hands at $0.7212 after yesterday’s turbulent trading saw it slide below $0.716.

Oil prices were up in the afternoon of Asian trading hours, with international benchmark Brent crude futures adding 0.47% to $43.14 per barrel. U.S. crude futures rose 0.4% to $40.08 per barrel.


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