Singapore Investors reacted to the announcement of Chinese economic statistics, particularly first-quarter gross domestic product figures, by slamming Asia markets on Monday.
The Nikkei 225 index in Japan sank 1.5 percent as shares of Fast Retailing fell over 2%. The Topix index lost 1.22 percent of its value.
The Shanghai Composite was down 0.78 percent, while the Shenzhen component was down 0.2 percent.
China’s GDP grew faster than predicted in the first quarter, according to figures released Monday by the National Bureau of Statistics. China’s first-quarter GDP increased by 4.8 percent, exceeding predictions of a 4.4 percent gain year over year.
But if you compared it to a year ago, retail sales declined by a larger-than-expected 3.5 percent in March. According to a Reuters survey, a 1.6 percent decline was expected.