Data on factory output, retail sales, and investment growth all missed the mark in China
Asian markets finished higher today, as stocks reacted to Friday's
strong retail sales data from the U.S. In Beijing, for example, China's Shanghai Composite added 0.8%, despite a round of dismal economic data released over the weekend, with last month's factory output and retail sales, as well as first-quarter investment growth, all falling short of economists' estimates.
Elsewhere, Hong Kong's Hang Seng tacked on 0.8%, despite swinging wildly lower in intraday action on a rumored "fat finger" trade. Japan's Nikkei, meanwhile, added 0.3% as strong corporate earnings and speculation Prime Minister Shinzo Abe will delay a sales-tax hike overshadowed a wider-than-forecast drop in April's producer price index, while South Korea's Kospi eked out a 0.05% gain.
European benchmarks are in the red at midday -- amid a low-volume session -- as China's dismal economic data stokes concern over the state of the global economy. In fact, not even rallying energy stocks, which are rising in step with oil prices, are giving markets a boost. At last check, the French CAC 40 is off 0.6%, while London's FTSE 100 is down 0.3%. Markets in Germany are closed for holiday.
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