Asia stocks trade higher despite disappointing China data
16 May 2016
- From the section Business
Asia Pacific 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.
The Nikkei 225 index is up nearly 1%, while the broader Topix gained 0.1%.
The Shanghai Composite fell 0.5% while the Hang Seng index in Hong Kong rose 0.4%.
Australia’s benchmark ASX/200 rose 0.6% and South Korea’s Kospi index was trading flat on Monday.
China’s National Bureau of Statistics said on Saturday that industrial output rose 6% year-over-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.
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”.