CANBERA (dpa-AFX) - Asian stock markets are mostly lower on Friday despite the positive cues overnight from Wall Street. Investors remained cautious as they digested data that showed China's economic growth in the third quarter was at its slowest pace in nearly three decades. Uncertainty about final approval of the draft Brexit deal also weighed on sentiment.
China's gross domestic product or GDP expanded 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter. This was the slowest growth since the early 1990s. Growth was forecast to slow marginally to 6.1 percent.
The Australian market is declining despite the positive cues from Wall Street.
The benchmark S&P/ASX 200 Index is losing 25.10 points or 0.38 percent to 6,659.60, off a low of 6,658.50 earlier. The broader All Ordinaries Index is down 24.10 points or 0.35 percent to 6,767.40. Australian stocks closed lower on Thursday to snap a five-session winning streak.
In the banking space, ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac are lower in a range of 0.4 percent to 0.7 percent.
Gold miner Newcrest Mining is declining 0.5 percent and Evolution Mining is lower by 0.2 percent despite an increase in gold prices overnight.
Oil stocks are also mostly lower despite crude oil prices advancing more than 1 percent overnight. Woodside Petroleum is lower by almost 1 percent and Santos is down 0.5 percent, while Oil Search is adding 0.2 percent.
Meanwhile, the major miners are mostly higher. Fortescue Metals is gaining almost 3 percent and Rio Tinto is advancing more than 1 percent, while BHP Billiton is down 0.1 percent.
Seven West Media said it will merge with regional affiliate Prime Media Group in a A$63.8 million all-stock deal expected to be completed in January. Shares of Seven West are advancing almost 2 percent.
Shares of Southern Cross Media, which has agreed to buy Seven West's WA radio network Redwave for A$28 million, are rising more than 2 percent.
In the currency market, the Australian dollar is higher against the U.S. dollar on Friday. The local currency was quoted at $0.6826, up from $0.6783 on Thursday.
The Japanese market is rising following the positive cues from Wall Street on news that U.K. and European Union negotiators reached a last-minute Brexit deal.
The benchmark Nikkei 225 Index is adding 128.05 points or 0.57 percent to 22,579.91, after rising to a high of 22,595.94 earlier.
Market heavyweight SoftBank Group is edging up 0.1 percent, while Fast Retailing is higher by almost 2 percent.
In the tech space, Advantest is adding almost 1 percent, while Tokyo Electron is declining 0.6 percent. Among auto stocks, Honda Motor is lower by 0.2 percent and Toyota Motor is edging down 0.1 percent.
The major exporters are mostly lower on a stronger safe-haven yen. Panasonic is losing almost 2 percent, Sony is declining almost 1 percent and Canon is down 0.6 percent, while Mitsubishi Electric is adding 0.6 percent.
Among the other major gainers, Pacific Metals is gaining more than 8 percent, Screen Holdings is rising almost 6 percent and Taiyo Yuden is higher by more than 4 percent.
In economic news, Japan will see September data for nationwide consumer prices today.
In the currency market, the U.S. dollar is trading in the upper 108 yen-range on Friday.
Elsewhere in Asia, Shanghai, Singapore, New Zealand, Hong Kong, Taiwan, Malaysia are also lower, while South Korea is modestly higher and Indonesia is little changed.
On Wall Street, stocks closed higher in reaction to news that U.K. and European Union negotiators have reached a last-minute Brexit deal. European Commission President Jean-Claude Juncker described the deal as 'fair and balanced' for the EU and the U.K, and urged member nations to back the agreement. Uncertainty about final approval of the deal helped to limit the upside for the markets along with the release of some disappointing U.S. economic data.
The Dow bounced back and forth across the unchanged line before closing up 23.90 points or 0.1 percent to 27,025.88. The Nasdaq climbed 32.67 points or 0.4 percent to 8,156.85 and the S&P 500 rose 8.26 points or 0.3 percent to 2,997.95.
The major European markets closed mixed on Thursday. While the U.K.'s FTSE 100 Index rose by 0.2 percent, the German DAX Index edged down by 0.1 percent and the French CAC 40 Index fell by 0.4 percent.
Crude oil prices rebounded after early weakness and settled higher on Thursday. WTI crude for November ended up $0.57 or about 1.1 percent at $53.93 a barrel.
Copyright RTT News/dpa-AFX