Asia-Pacific markets mostly traded Tuesday as investors digested a slew of Chinese economic data.
The Nikkei 225 recovered in a big way, gaining 316.36 points, or 1.2%, to 26,138.68, leading gains in the region as the Bank of Japan kicked off its two-day monetary policy meeting. The yield on Japan’s 10-year treasury continued to test the upper ceiling of the central bank’s tolerance range.
The Japanese yen weakened 0.2% against the U.S. dollar to 128.79, while still hovering around the strongest levels since May 2022.
In Hong Kong, the Hang Seng dropped 169.08 points, or 0.8%, to 21,577.64.
Markets were flat in Australia, as the nation’s Westpac consumer confidence rose 5% in December from 3% in November.
CHINA
In Shanghai, the CSI 300 eased 0.72 points to 4,137.24, s data showed nation’s GDP grew by 3% in 2022, marking one of the slowest growth in decades.
China’s December retail sales beat estimates, falling only 1.8% on an annualized basis, significantly better than the decline of 8.6% projected in a Reuters poll.
Industrial output also grew 1.3% in December, higher than expectations for an increase of 0.2%.
In the fourth quarter, China’s economy expanded by 2.9% on an annualized basis, better than the expected 1.8% growth. While quarterly growth was flat, it still beat expectations for a 0.8% contraction.
Despite better-than-expected data, the Chinese offshore yuan weakened sharply from 6.7403 to 6.7563 against the U.S. dollar shortly after the release.
In other markets
In Taiwan, the Taiex eked up 5.92 points to 14,932.93.
In Korea, the Kospi index fell 20.47 points, or 0.9%, to 2,379.39.
In Singapore, the Straits Times Index retreated 3.09 points, or 0.1%, to 3,280.51.
In New Zealand, the NZX 50 jumped 69.76 points, or 0.6%, to 11,881.
In Australia, the ASX 200 lost 1.68 points to 7,386.29.
