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Asian shares higher on China's growth data Asian shares higher on China's growth data
(about 3 hours later)
Asian shares traded higher on Tuesday after China's economic growth in 2014 came in above market expectations. Asian shares rose on Tuesday after China's economic growth rate for 2014 came in above market expectations.
China's economy expanded by 7.4% last year, down from 7.7% in 2013, but above forecasts of about 7.2% growth. China's economy expanded by 7.4% last year, down from 7.7% in 2013 and the weakest growth rate for 24 years.
Shares across the region were up despite China's annual growth slowing to its weakest in 24 years. However, the figure beat analysts' forecasts of about 7.2% and shares across the region rose.
The Shanghai Composite was up 1.9% after closing down 7.7% on Monday due to a crackdown on margin trading, where investors borrow cash to buy shares. The Shanghai Composite was up 1.1% after closing down 7.7% on Monday due to a crackdown on margin trading, where investors borrow cash to buy shares.
In Hong Kong, the benchmark Hang Seng index was up 0.6% to 23,875.17. In Hong Kong, the benchmark Hang Seng index was up 0.5% at 23,859.88.
Rest of AsiaRest of Asia
In Japan, the benchmark Nikkei 225 was up 1.5% to 17,265.4 following a rise in European stocks. In Japan, the benchmark Nikkei 225 finished up 2.1% at 17,366.30, with investors shrugging off a Reuters Tankan survey which showed that confidence at Japanese manufacturers had slid for a second straight month in January.
The eurozone's central bank may unveil stimulus measures this week. Instead the market was encouraged by the better-than-expected growth figure from China, and was also boosted by hopes that the European Central Bank will unveil stimulus measures later this week.
The dollar was 118.19 yen against 117.53 yen in European trade. In South Korea, shares closed higher with the benchmark Kospi index rising 0.8% to 1,918.31.
US markets were closed for a public holiday on Monday. However, Australia bucked the upward trend with the S&P/ASX 200 closing down 1.47 points at 5,307.67.
Investors also shrugged off a Reuters Tankan survey that showed that confidence at Japanese manufacturers had slid for a second straight month in January. The benchmark index had fallen further in early trade as energy stocks were hit by falling oil prices.
Bucking the trend were Australian shares with the S&P/ASX 200 down 0.1% to 5,302.2 points.
In South Korea, the benchmark Kopsi index was up 0.7% to 1,916.79 after closing higher on Monday.