Stock market today: Asia mixed despite China growth data
Asian shares are trading mixed Tuesday as pessimism about global uncertainties remained even as China reported a better-than-expected economic growth data
TOKYO (AP) — Asian shares were trading mixed Tuesday as pessimism about global uncertainties remained even as China reported a better-than-expected economic growth data.
Japan’s benchmark Nikkei 225 rose 0.5% in morning trading to 28,662.79. Australia’s S&P/ASX 200 shed 0.3% to 7,363.40. South Korea’s Kospi lost 0.3% to 2,568.77. Hong Kong’s Hang Seng slipped 0.7% to 20,643.80, while the Shanghai Composite was little changed, inching down less than 0.1% to 3,384.33. Oil prices rose.
Traders have been focused on data out of China, Asia's chief engine for growth, and trading was muted until the release of the data. China's growth target is 5% for this year.
China’s first-quarter gross domestic product, which measures the value of a nation’s products and services, rose a better-than-expected 4.5%, according to official statistics. Analysts had expected 4% growth, following a 2.9% growth in the last quarter of 2022. Still, some analysts remained cautious.
