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Asia markets trade mixed as China first quarter GDP beats expectations

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.

The Shanghai Composite reversed earlier losses and closed 0.23% up, while the Shenzhen Component climbed 0.04%. In Hong Kong, the Hang Seng Index declined 0.77% as consumer cyclicals and technology dragged down the index.

Australia’s S&P/ASX 200 fell 0.29% to end the day at 7,360.2, while South Korea’s Kospi fell 0.19% to close at 2,571.09 and the Kosdaq ended the day marginally down at 909.02.

Japanese markets bucked the trend in the region, with the Nikkei 225 closing up 0.51% at 28,658.83, posting its eight straight day of gains and the Topix gaining 0.69% to end at 2,040.89 as financials and healthcare led the index.

Source: CNBC