Asia stocks mostly held firm on Tuesday despite weaker-than-expected Chinese economic data, with investors expecting the world's second-biggest economy to provide policy support.
gained 0.48% to 2,124.92, its highest since August 1990, helped by the robust outlook of its megabanks.
China's industrial output grew 5.6% in April from a year earlier, accelerating from the 3.9% pace seen in March and marking the quickest growth since September 2022, data showed on Tuesday. But it was well below expectations for a 10.9% increase in a Reuters poll of analysts.Retail sales also missed expectations, and, coming against a backdrop of China's weak industrial, credit growth and import indicators, highlighted a wobbly post-COVID recovery.
With the softer readings, the market expects the policy response to try and shore up the economy and ensure that corporate confidence is back and growth is more sustainable, said Kerry Craig, a global market strategist with JPMorgan."The market is thinking that the Fed is done and the U.S. dollar is going to come down a little bit so that supports the markets in Asia," Craig said.opened up 0.71% at 29,838.01.The dollar index fell 0.039%, with the Japanese yen strengthening 0.
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