Important share benchmarks were mixed at Asia on Wednesday after China announced its market grew at a greater than expected 6.4% yearly pace in the last quarter.
Japan’s Nikkei 225 index gained 0.3percent to 22,277.97 and the Shanghai Composite added 0.3percent to 3,264.67. Hong Kong’s Hang Seng index increased 0.1% greater to 30,152.11 while the S&P ASX 200 at Australia lost 0.3% to 6,257.20.
Shares rose in Taiwan and Singapore.
China’s 6.4% pace of economic growth in January-March was consistent with Beijing’s official yearly goal for 6-6.5% growth and indicates government attempts to stop a recession are working.
However, it matched the previous quarter to its weakest growth since 2009 and also did little to spur buying enthusiasm.
“It is not entirely clear what is behind this particular strength. Growth in industrial sales for export warms up last month from 4.2% year-on-year to 5.7% but does not stand out as particularly strong,” Julian Evans-Pritchard of Capital Economics said in a commentary.
“Domestic demand has chosen also, but likewise, the gains seem more modest compared to those in industrial output,” it said.
Meanwhile, the Japan released exchange data for March showing its exports dropped 2.4% in the year earlier, while the trade surplus totaled 33%. Analysts said the figures indicate demand overall remains weak.
But on Wall Street, stocks closed higher erasing modest losses from the afternoon before. The gains followed a rally in overseas stock indicators and arrived as traders integral up the most recent batch of business earnings reports.
As bond yields increased, Fiscal stocks led the way higher. That pushes interest rates greater, enabling banks to earn more income on loans. After every firm reported quarterly results, blackRock and Progressive led the business.
Qualcomm powered technology sector stocks gaining 23.2% in its very best day in 20 years, on news the chipmaker and Apple had settled their bitter legal dispute centered on some of the technologies that enables iPhones to connect to the web.
The deal needs Qualcomm to be paid an undisclosed amount by Apple. In addition, it contains a licensing agreement that involves obligations to the chip maker that is mobile.
The surprise truce declared afternoon came just as the allies turned antagonists faced off in a court trial that was designed to unfold during the next month at San Diego. The settlement ended that trial, which also included the key iPhone suppliers of Apple.
Businesses that posted results helped place dealers in a buying mood Tuesday.
The S&P 500 climbed 0.1percent to 2,907.06. The Dow Jones Industrial Average gained 0.3% to 26,452.66. The index hadn’t closed above 8,000 points since October.
The Russell 2000 index of little stocks picked up 0.2% to 1,582.79.
But analysts expect first-quarter results for S&P 500 businesses to be the weakest in almost 3 decades.
“Unless we have any significant misses, we should do OK.”
The yield on the 10 year Treasury note rose to 2.59% from 2.55% Monday. The 10 year Treasury yield was rising since late last month, when it fell to 2.37percent amid a crescendo of worries that global economic growth was slowing.
It gained 1% to settle at $64.05 per barrel Tuesday. It picked up 0.8% to close at $71.72 per barrel in London.
CURRENCIES: The dollar slipped into 111.99 Japanese yen from 112.01 yen. The euro strengthened to $1.1311 from $1.1282.