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Asia-Pacific stocks higher as China reports third-quarter GDP jump; Alibaba shares rise

SINGAPORE — Stocks in Asia-Pacific rose in Monday morning trade, as investors reacted to the release of China’s GDP data.

Mainland Chinese stocks were higher in morning trade, with the Shanghai composite up 0.67% while the Shenzhen component gained 0.517%.

China’s third-quarter GDP grew 4.9% as compared to a year ago, according to data released Monday by the country’s National Bureau of Statistics. That compared against expectations by Chinese economists of 5.2% GDP growth in the third quarter, according to an average of estimates compiled by Wind Information, a financial information database.

Meanwhile, retail sales in China rose 3.3% in September from a year earlier.

Asia-Pacific markets rise

Hong Kong’s Hang Seng index jumped 1.23% in morning trade, with shares of HSBC listed in the city gaining more than 2.5%.

Shares of Alibaba in Hong Kong rose more than 1%. The Chinese tech giant’s financial technology affiliate Ant Group has received approval from the China Securities Regulatory Commission for the Hong Kong leg of its anticipated listing, a source told CNBC.

Meanwhile, Sun Art Retail Group’s stock soared about 17% after Alibaba announced it agreed to acquire controlling stakes in the firm.

In Japan, the Nikkei 225 rose 1.1% while the Topix index added 1.33%.

Japan’s exports fell 4.9% as compared to a year earlier in September, according to trade statistics released by the country’s Ministry of Finance on Monday.

South Korea’s Kospi also advanced 0.82%.

Meanwhile, shares in Australia rose, with the S&P/ASX 200 up about 1.1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.76% higher.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 93.703 after touching levels around 93.9 in recent days.

The Japanese yen traded at 105.38 per dollar after seeing levels below 105.3 against the greenback last week. The Australian dollar changed hands at $0.7098 following its decline last week from levels above $0.715.

Oil prices were lower in the morning of Asian trading hours, with international benchmark Brent crude futures down around 0.2% to $42.85 per barrel. U.S. crude futures was more than 0.2% lower at $40.78 per barrel.

— CNBC’s Arjun Kharpal and Evelyn Cheng contributed to this report.

Source: Cnbc

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