Stock market today: Asian shares turn lower after China economic data weaker than expected

Asian shares were mostly higher on Tuesday even though the latest data showed China’s economy is weaker than expected, with domestic demand failing to bounce back as much as hoped for after the pandemic.

Benchmarks advanced in Tokyo, Hong Kong and Seoul but fell in Shanghai and Sydney.

China’s economic recovery after the pandemic faces pressure from sluggish consumer and export demand, a government official said Tuesday, with retail sales and other activity in April weaker than expected.

Retail sales rose 18.4% over a year earlier, up 7.8 percentage points from March, official data showed. Other indicators were mixed: Factory output rose 5.6% over a year ago but was off 0.5% from March. Investment in factories, real estate and other fixed assets was up 4.7% in the first four months of 2023, but that was off 0.4 percentage points from the first quarter’s growth rate.