Japan's GDP outperforms, causing mixed reactions in Asian markets

Asia-Pacific markets were mixed as Japan's second quarter GDP beat expectations, with the Nikkei 225 and Topix both closing higher. Australia's S&P/ASX 200 also climbed as investors digested the Reserve Bank of Australia's minutes, while Hong Kong's Hang Seng index and China's CSI 300 slid. China's central bank unexpectedly cut interest rates on one-year loans and suspended reporting the youth unemployment rate. Additionally, China's industrial production and retail sales figures for July missed expectations. In other news, Barclays named global stocks that are "most insulated as inflation falls," and Nvidia shares rallied after a prior week sell-off. Finally, a New York Federal Reserve survey showed that inflation expectations moved lower in July, while former Fed official Robert Kaplan expects rate cuts in 2024.