Asian Markets Mixed; Chinese Stocks Turn Positive on Strong GDP Data

Investing.com - Asian markets were mixed in morning trade on Wednesday. Chinese stocks reversed early losses following the release of stronger-than-expected GDP data.

The Shanghai Composite and the Shenzhen Component both rose 0.2% by 10:30 PM ET (02:30 GMT). Hong Kong’s Hang Seng Index slipped 0.1%, but still traded above the key 30,000 level.

China's economy grew 6.4% in the first quarter of 2019 from a year earlier, official data showed on Wednesday. Analysts had expected growth to slow to 6.3%.

Separate reports showed that industrial production for March jumped 8.5% year-on-year, easily beating the 5.9% estimated by analysts. Retail sales were also better than expected, rising 8.7% in March compared to a year ago.

Japan’s Nikkei 225 gained 0.3% even after data from the Ministry of Finance showed the country’s exports fell for a fourth straight month in March.

Exports fell 2.4% from a year earlier, compared with the expected 2.7% drop and followed a 1.2% decline in February. Exports to China, Japan's biggest trading partner, fell 9.4% year-on-year during the month, reversing from a 5.6% gain in February.

Last week, Bank of Japan Governor Haruhiko Kuroda warned that the outcome of U.S.-China trade talks and Brexit could have lingering risks to the global economic growth outlook.

Elsewhere in Asia, South Korea’s KOSPI slipped 0.1%. Down under, Australia’s ASX 200 dropped 0.2%.

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