Asian shares mixed after encouraging China GDP data


TOKYO (AP) — Stock markets were mostly higher Wednesday after news that China’s economy grew at a better than expected 6.4% annual pace in the last quarter failed to entice wary investors focused on weaker U.S. corporate earnings.

Germany’s DAX was up 0.3% at 12,137 and the CAC 40 in France edged 0.2% higher to 5,543. Britain’s FTSE 100 lost 0.1% to 7,460. Wall Street looked set for a tepid start, with the futures for the Dow and the S&P 500 both up 0.2%.

In Asian trading, the Shanghai Composite index gained 0.3% to 3,263.12, failing to match Tuesday’s 2.4% rally.

The 6.4% pace of expansion in China’s economy in January-March was in line with Beijing’s official annual target for 6-6.5% growth and suggests government efforts to halt a slowdown are working.

However, it matched the previous quarter for the weakest growth since 2009 and did little to spur buying enthusiasm.

SCOTUS Announces Date For Big Rulings, Could Democrat Efforts to Remove Trump Be Put to an End?

“It’s not entirely clear what is behind this strength. Growth in industrial sales for export edged up last month from 4.2% year-on-year to 5.7% but doesn’t stand out as especially strong,” Julian Evans-Pritchard of Capital Economics said in a commentary.

Elsewhere in Asia, Japan’s Nikkei 225 index gained 0.3% to 22,277.97 while Hong Kong’s Hang Seng index was flat at 30,124.68. The S&P ASX 200 in Australia lost 0.3% to 6,256.40 and South Korea’s Kospi edged 0.1% lower to 2,245.89.

Shares rose in Taiwan and Singapore.

On Wall Street investors are sizing up the latest batch of company earnings reports, with analysts forecasting first-quarter results for S&P 500 companies overall will be the weakest in nearly three years.

ENERGY: Benchmark U.S. crude oil rose gained 36 cents to $64.41 per barrel in electronic trading on the New York Mercantile Exchange. It gained 1% to settle at $64.05 per barrel on Tuesday. Brent crude, the international standard, added 35 cents to $72.07 per barrel. It picked up 0.8% to close at $71.72 per barrel in London.

CURRENCIES: The dollar slipped to 111.97 Japanese yen from 112.01 yen. The euro strengthened to $1.1305 from $1.1282.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
New York City