SINGAPORE – Asia Pacific markets were mostly lower in early Friday trading. Meanwhile, US stocks rebounded, despite data showing that gross domestic product grew less-than-expected in the second quarter.

The Japanese Nikkei 225 lost 0.8% in early trading while the Topix lost 0.46%.

Reuters reported that the country’s industrial production rose 6.2% in June, up sharply after falling 6.5% in May. Retail sales in June were up 0.1% yoy, less than forecast for a 0.2% increase.

South Korea’s Kospi lost 0.55%.

The S & P / ASX 200 in Australia traded just above the flatline. Markets will be tracking the Covid situation in Sydney, which reported a record daily surge in Covid cases despite an extended lockdown on Thursday. Reuters reported that authorities have asked the military for help enforcing the lockdown.

MSCI’s broadest index for Asia Pacific stocks outside of Japan was unchanged.

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Shares rebounded during Thursday’s regular session in the US, although data showed US GDP rose 6.5% on an annualized basis in the second quarter, well below the 8.4% Dow Jones estimate.

The Dow Jones Industrial Average gained around 150 points on Thursday after hitting a new intraday high. The S&P 500, which also briefly hit an all-time high, ended the day up 0.4% at 4,419.15.

“Yesterday’s rebound in Chinese equities after the recent regulatory-induced sell-off resulted in solid performance overnight in risk assets,” said Rodrigo Catril, senior FX strategist at National Australia Bank.

Investors will watch as Chinese stocks end a week of volatile trading. Hong Kong’s Hang Seng index fell more than 8% in two days and rebounded 3% in Thursday’s session.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its competitors, stood at 91.880, falling from a level above 92 the previous day.

The Japanese yen was trading at 109.40 per dollar, up slightly from above 109.9 at the beginning of the week. The Australian dollar changed hands at $ 0.7394 after falling to around $ 0.735 earlier in the week.

Oil prices fell on the morning of Asian trading hours, with Brent crude oil futures falling 0.34% to $ 75.79 a barrel. US crude oil futures are down 0.42% to $ 73.33 a barrel.