Asia report: Markets mixed after China GDP data

Asian markets ended the week mixed on Friday, in a somewhat muted reaction to China’s GDP numbers for the first quarter, which were in line with forecasts.

In Japan, the Nikkei 225 broke its three-session streak to close down 0.37% at 16,848.03. The markets there largely ignored a deadly earthquake that struck the country’s south west on Thursday.

The yen took a pause from its recent weakening, and held steady through much of the session. It was last 0.05% stronger against the US dollar at JPY 109.34.

Japan’s big exporters were mixed, with carmakers Honda, Nissan and Toyota closing down between 1.01% and 2.16%. Toshiba advanced 0.31%.

Markets on the mainland ended lower, with the Shanghai Composite Index closing down 0.13% at 3,078.45, while the Shenzhen Composite ended down 0.2% at 1,978.58.

China’s National Bureau of Statistics released the country’s first quarter GDP mid-morning, which showed the economy expanding by 6.7% year-on-year, in line with forecasts. Growth in the December quarter was 6.8%.

"Today's released data ought not to distract from the fact that the structural issues facing China's economy remain unresolved,” said The Economist Intelligence Unit Asia economist Tom Rafferty.

"It has taken considerable monetary and fiscal policy loosening to stabilize economic growth at this level and this effort has distracted from the reform agenda that is fundamental to long-term economic sustainability."

The People’s Bank set renminbi at CNY 6.4835 to the dollar before the markets opened.

In Korea, the Kospi closed down 0.06% at 2,014.71, while Hong Kong’s Hang Seng Index was off 0.1% at 21,316.47.

Oil prices were ahead during Asian trading, though they fell as the region went to bed. Brent crude was last down 0.85% at $43.46, and West Texas Intermediate fell 1.2% to $41.01.

Australia’s S&P/ASX 200 finished up 0.76% at 5,157.48. The weighty financials subindex closed up 0.54%, while the energy and materials subindexes reversed early losses to also close in the black.

The oil producers were up, with Santos adding 0.48% and Woodside Petroleum advancing 1.99%.

New Zealand shares edged forward to a fresh record, with the S&P/NZX 50 gaining 0.3% to 6,844.74. It was led by the country’s largest telecom, Spark, which advanced 2.9% a day after the government announced a review into how much network owners can charge telecoms.

The down under dollars were ahead, with the Aussie last 0.45% stronger on the US at AUD 1.2937, while the Kiwi pushed forward 0.97% to NZD 1.4460.