Asian Shares Advance Amid Weaker China Economic Data

Asian shares were mostly higher on Tuesday even though the latest data showed China’s economy is weaker than expected, with domestic demand failing to bounce back as much as hoped for after the pandemic, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: Australia’s S&P/ASX 200 slipped 0.2% to 7,251.20.

Benchmarks advanced in Tokyo, Hong Kong and Seoul but fell in Shanghai and Sydney. China’s industrial output rose 5.6% year-on-year in April while investment crept up 4.7% from the year before in January-April.

But those increases also reflected a big gap from the slow activity at the height of China’s “zero-COVID” restrictions, which Beijing abandoned late in 2022.

Tokyo’s Nikkei 225 index surged 0.9% to 29,899.83 continuing a climb toward its highest level since the early 1990s helped by strong corporate earnings and signs that inflationary pressures might be easing.

The Hang Seng in Hong Kong gained 0.4% to 20,044.72, while the Shanghai Composite index was nearly unchanged, at 3,311.06.

In Seoul, the Kospi rose 0.3% to 2,485.58, while Australia’s S&P/ASX 200 slipped 0.2% to 7,251.20.

On Monday, the S&P 500 rose 0.3% to 4,136.28 and the Dow Jones Industrial Average edged 0.1% higher, to 33,348.60. The Nasdaq composite climbed 0.7% to 12,365.21, Stan Choe and Matt Ott also reported for AP.

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