Tokyo stocks shrug off poor China data

Jessica TranterLast Update : Monday 16 May 2016 - 4:13 AM
Tokyo stocks shrug off poor China data

Tokyo stocks trade mixed after disappointing China data

China factory workerImage copyright Getty Images

Japanese stock markets rose in early trade, shrugging off disappointing economic data released by China over the weekend.

The Nikkei 225 index rose 0.4%, while the broader Topix gained 0.1%.

China’s industrial output, retail sales and fixed asset investment all grew more slowly than expected in April, indicating the economy remains weak.

Australia’s benchmark ASX/200 lost 0.1% and South Korea’s Kospi index fell 0.2% at the open 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 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 raises concerns about China’s renewed slowdown and “exacerbates woes about global demand deficiency”.

Source: BBC Business

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Jessica Tranter