China GDP Beats Forecast, Asia Mixed

Asia-Pacific markets were mixed as China’s economy grew more than expected at 4.5% year-on-year, beating estimates to see growth of 4% in a Reuters poll. The onshore Chinese yuan slightly strengthened following the report.

In Japan, the Nikkei 225 jumped 144.05 points, or 0.5%, to 28,658.83, posting its eight straight day of gains

In Hong Kong, the Hang Seng index sank 131.94 points, or 0.6%, to 20,650.51, as consumer cyclicals and technology dragged down the index.

The Monetary Authority of Singapore told the media it has “no information to provide at this moment” regarding a Bloomberg report that MAS managing director Ravi Menon is set to leave his post this year.

The Bloomberg report cited “people familiar with the matter” and said Chia Der Jiun, one of Menon’s former deputies, is tipped to be his successor. Menon’s current term ends on May 31.


In Shanghai, the CSI 300 added 12.65 points, or 0.3%, to 4,162.03.

JPMorgan views China’s monthly economic data “delivered the same message of steady economic recovery,” the firm’s global market strategist Chaoping Zhu said in a Tuesday note.

Retail sales were driven by “continuous release of pent-up consumer demands” with the service sectors being the major beneficiaries as mobility restrictions in China were lifted, Zhu said in the note.

In other markets

In Singapore, the Straits Times fell 9.7 points, or 0.3%, to 3,309.56.

In Korea, the Kospi dropped 4.82 points, or 0.2%, to 2,571.09.

In Taiwan, the Taiex Index faltered 94.11 points, or 0.6%, to 15,869.44.

In New Zealand, the NZX 50 slumped 52.05 points, or 0.4%, to 11,884.10.

In Australia, the ASX 200 retreated 21.34 points, or 0.3%, to 7,360.18.