Stock market today: Asian shares are mixed as China reports its economy grew 4.7% in last quarter

FILE - The Fearless Girl statues faces the New York Stock Exchange on July 2, 2024, in New York. Global stocks are mixed on Friday, July 12, 2024, with the Japanese yen losing some of its gains after the latest U.S. update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September. Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index , center, and the foreign exchange rate between U.S.

Annual economic growth fell from 5.3% in the first quarter but the 5% pace of growth in the first half of the year was in line with the government’s forecast for about 5% growth for 2024. In quarterly terms, the economy expanded 0.7%. The central bank left its medium-term lending rate unchanged, as expected, at 2.5%. It’s the rate for Chinese banks to borrow from the People’s Bank of China for 6 months to one year and indirectly affects other benchmark rates that affect interest rates on mortgages and other loans.In Seoul, the Kospi lost 0.1% to 2,853.34, while the S&P/ASX 200 gained 0.9% to 8,029.00. Taiwan’s Taiex lost 0.2% and the SET in Bangkok shed 0.4%.The S&P 500 climbed 0.

Bank of New York Mellon climbed 5.2% for one of the market’s bigger gains after it reported better profit for the spring than analysts expected. Nvidia and otheralso helped lift the market after a slide the prior day, which interrupted their rocket ride higher amid a frenzy around artificial-intelligence technology.

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