Investors are exercising caution before top oil producers meet Sunday in Doha
Stocks in Asia edged lower today, following the release of China's first-quarter gross domestic product (GDP) figures. The Chinese economy grew a year-over-year 6.7% during the quarter, which matched estimates but marked a slowdown from the fourth quarter. However, other key economic data -- such as new home starts, industrial production, and retail sales -- hinted at signs of economic improvement. Nonetheless, China's Shanghai Composite, Hong Kong's Hang Seng, and South Korea's Kospi all fell 0.1%. Japan's Nikkei
snapped a three-day win streak by losing 0.4%.
European stocks are also trading lower at midday. Aside from China's GDP, traders are exercising caution ahead of
Sunday's meeting in Doha, Qatar, where top oil producers will meet to discuss a potential production freeze. Brent crude futures were last seen sharply lower, as speculation swirls that
Iran's oil minister won't participate in the meeting. London's FTSE 100 and Germany's DAX were both last seen 0.5% lower. France's CAC 40, meanwhile, was off 0.6%.
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