Asia markets mostly up after forecast-beating China growth

  • Tuesday 17, April 2018 in 9:43 AM
Sharjah24 – AFP: Asian markets mostly rose on Tuesday following news that China's economy grew more than expected in the first three months of the year, but trade and geopolitical tensions continue to dog sentiment.
Investors in Hong Kong and China reversed initial losses to swing back to positive territory after data showed the world's number two economy expanded in January-March at the same rate as the previous three months.
 
The 6.8 percent reading was slightly more than tipped in an AFP survey and came despite a brewing trade spat with the United States, a drive to address the country's troubling debt mountain and a war on pollution that saw factory production cut.
 
In morning exchanges, Hong Kong was up 0.4 percent and Shanghai gained 0.2 percent. Sydney, where a number of firms that rely on Chinese business are based, added 0.4 percent, while Singapore gained 0.1 percent.
 
Tokyo ended the morning session marginally higher.
 
But Seoul eased 0.1 percent, Wellington dipped 0.2 percent and Taipei fell 0.8 percent.
 
"The economic performance continued to improve and the economy was off to a good start," National Statistics Bureau spokesman Xing Zhihong said.