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

Asian shares began the week trading mixed as China reported that its economy expanded at a slower-than-forecast 4.7% annual pace in the last quarter.

Markets seemed to take in stride a shooting at a rally for former President Donald Trumpin Butler, Pennsylvania that is being investigated as an attempted assassination of the presumptive Republican nominee.

The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.2%.

Leaders of the ruling Communist Party began a four-day meeting in Beijing to set economic strategy for the coming decade as investors watched for signs of measures to help revive the slumping property market and address huge local government debts.

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 set of economic data releases from China this morning has not been promising ahead of their upcoming Big Plenum, with the data once again pointing to a mixed bag for the world’s second largest economy,” Yeap Jun Rong of IG said in a commentary.

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Hong Kong’s Hang Seng fell 1.1% early Monday to 18,094.22 on selling of property developers. The Shanghai Composite slipped 0.1% to 2,969.46.

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.

Markets in Tokyo were closed for a public holiday.

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%.

Friday on Wall Street, U.S. stocks rose after mixed signals on big banks’ profits and inflation did little to dent Wall Street’s belief that easier interest rates are on the way.

The S&P 500 climbed 0.6% to close its fifth winning week in the last six, ending at 5,615.35. The Dow rose 0.6% to 40,000.90 and the Nasdaq composite added 0.6% to 18,398.45. All three indexes had been on track to set all-time highs in afternoon trading but finished shy of them.

The Russell 2000 rallied 1.1%, nearly double the S&P 500’s gain, and closed out its best week in eight months.

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 other highly influential Big Tech stocks also helped lift the market after a slide the prior day, which interrupted their rocket ride higher amid a frenzy around artificial-intelligence technology.

Wells Fargo sank 6% even though the San Francisco-based bank reported stronger profit than analysts expected.

The latest update on U.S. inflation said prices rose more at the wholesale level last month than economists expected, which was a letdown after data on Thursday said inflation at the consumer level was better than expected.

It’s the second straight month such expectations have eased, helping to calm worries about a potential spiral where expectations for high inflation could drive U.S. consumers toward behavior that would push inflation even higher. That in turn could give the Federal Reserve more of the evidence of slowing inflation that it says it needs to begin cutting its main interest rate, which is at its highest level in more than two decades.

Traders are banking on a 94% probability that the Federal Reserve will start easing rates in September, according to data from CME Group. Lower interest rates would release pressure that’s built up on the economy because of how expensive it’s become to borrow money to buy houses, cars, or anything on credit cards. Fed officials have been saying they want to see “more good data” on inflation before making a move.

In other dealings early Monday, U.S. benchmark crude oil gained 18 cents to $82.39 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, added 12 cents to $85.15 per barrel.

The U.S. dollar fell to 158.03 Japanese yen from 158.16 yen late Friday. The euro was nearly unchanged at %1.0893.