Asian markets dip amid concerns for China

Asian markets dip amid concerns for China

Asian stock markets were mostly lower today amid concerns Chinese economic growth could slow more than expected this year.

Trading volume was low because Japan’s markets were closed for a national holiday.

Hong Kong’s Hang Seng index fell 0.9% to 20,921.44 and South Korea’s Kospi dropped 0.4% to 2,039.66.

Australia’s S&P ASX/200 shed 0.4% and China’s Shanghai Composite Index was down 0.8% at 2,390.45.

Stocks in Asia leapt higher in the first two months of the year as an improving US economy bolstered investor confidence.

But China’s announcement earlier this month that it had lowered its economic growth target to 7.5% from 8% has spooked investors.

In another sign of cooling growth in the world’s second biggest economy, new home prices dropped in 45 Chinese cities in February as the government implemented measures to cool property speculation.

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