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Asia stocks trade higher despite disappointing China data | Asia stocks trade higher despite disappointing China data |
(about 5 hours later) | |
Asian stock markets rose on Monday, shrugging off disappointing economic data released by China over the weekend. | |
China's industrial output, retail sales and fixed asset investment all grew more slowly than expected in April, indicating the economy remains weak. | China's industrial output, retail sales and fixed asset investment all grew more slowly than expected in April, indicating the economy remains weak. |
The Nikkei 225 index closed up 0.3% at 16,466.40, while the broader Topix gained 0.1% to end at 1,321.65. | |
Australia's benchmark ASX/200 rose 0.6% to close at 5,358.95. | |
South Korea's Kospi index ended flat at 1,967.91. | |
In China, the mainland's Shanghai Composite gained 0.8% to close at 2,850.86 while Hong Kong's Hang Seng wrapped the day at 19,883.95, also 0.8% up. | |
China's National Bureau of Statistics said on Saturday that industrial output rose 6% year-on-year in April, compared with 6.8% growth the month earlier. | |
Fixed-asset investment grew by 10.5% in the January-to-April period, compared with an increase of 10.7% the year before. | Fixed-asset investment grew by 10.5% in the January-to-April period, compared with an increase of 10.7% the year before. |
Retail sales grew by 10.1% in April from a year earlier. They all missed market expectations. | Retail sales grew by 10.1% in April from a year earlier. They all missed market expectations. |
Vishnu Varathan from Mizuho bank said the activity data raised concerns about China's renewed slowdown and exacerbated "woes about global demand deficiency". | Vishnu Varathan from Mizuho bank said the activity data raised concerns about China's renewed slowdown and exacerbated "woes about global demand deficiency". |