Stock market today: Asian stocks mixed after China reports weak July data and cuts key interest rate
Asian stock markets were mixed Tuesday after China reported weak July consumer and business activity and its central bank cut a key interest rate to shore up the struggling economy. Shanghai and Hong retreated while Tokyo and Sydney gained. Oil prices rose. The Shanghai Composite Index fell 0.3% to 3,169.18 after official data showed growth in Chinese consumer spending and factory output slowed more than expected. The People’s Bank of China cut its interest rate on one-week loans to banks. The Hang Seng in Hong Kong lost 0.8% to 18,622.55. “Policymakers are starting to hit the panic