Asia report: Most markets higher as China meets expectations

Most Asian markets were ahead on Wednesday, after the Chinese government released official data suggesting the economy was growing in line with expectations.

In Japan, the Nikkei 225 added 0.21% to finish at 16,998.91, with electronics maker Sharp surging 10.64%.

It came after the Nikkei reported the company was set to report its first group operating profit in three years.

Sharp later poured cold water on the reports, however, saying its consolidated net sales for the year to 31 March 2017 were likely to be lower year-on-year.

Mitsubishi Motors also surged 7.85% after it was reported Nissan Motor chief Carlos Ghosn will step in to chair the embattled carmaker.

Nissan also traded up on the news, by 0.52%, as it prepared to take on around a third of Mitsubishi.

The yen was stronger on the greenback, and was last trading 0.42% ahead at JPY 103.43 per $1.

Markets on the mainland were little changed despite a slew of data during the day - the Shanghai Composite was virtually flat, adding 0.05% to 5,435.36, while the Shenzhen Composite lost 0.18%.

Figures released by the National Bureau of Statistics showed a 6.7% uptick in the country’s gross domestic product year-on-year for the July-September quarter, and 1.8% growth quarter-on-quarter.

“Growth is no longer a major concern, as the property frenzy has topped the government's agenda,” said ANZ Greater China chief economist Raymond Yeung.

“The government will now focus on capacity reduction and corporate deleveraging.”

Beijing released some other data during the session as well, showing fixed-asset investment in the People’s Republic grew 8.2% year-on-year in the first nine months of 2016, with retail sales up 10.7% year-on-year in September.

Industrial production missed the mark, however, coming in at a 6.1% rise year-on-year for September, against market expectations for a 6.4% increase.

South Korea’s Kospi eked out a 0.02% gain to 2,040.94, while Hong Kong’s Hang Seng Index was down 0.38% at 23,304.97.

Oil prices were higher during Asian trading, with both Brent crude and West Texas Intermediate last up 1.51% at $52.47 and $51.06 per barrel, respectively.

Australia’s S&P/ASX 200 finished 0.46% higher at 5,435.40.

Shares in resources producer BHP Billiton lost 0.75%, after the company revealed prior to markets opening that quarterly iron ore production dropped to 58 million tonnes in the three months to September, from 61 million tonnes a year earlier.

That was a bigger miss than analysts had expected.

Whitehaven Coal was up 6.73%, as investors reacted to its production figures released earlier this week.

The company said managed coal sales were at 5.03 million tonnes, or up 12% year-on-year.

It was the subject of a Credit Suisse research report during the day, however, with the stock being downgraded to ‘underperform’ from ‘neutral’.

“High prices should entice [restarts] of shuttered capacity and more washing of met coals recently sold as unwashed thermal coal,” the note said.

Crown Resorts continued its roller coaster ride, losing 3%, as Australian consular officials made continues attempts to reach 18 of the company’s employees being detained on uncertain gambling charged in China.

Casinos are not permitted to advertise in China, and promoting related services such as credit or resort accommodation is also a grey area.

Australian rival Star Entertainment was also down, 2.19%.

In New Zealand, the S&P/NZX 50 was virtually flat, adding 0.05% to 6,976.53, led by chicken producer Tegel, which confirmed it was on track to meet its target of NZD 625m revenue for the full year.

The worst performer was SkyCity Entertainment - another Pacific casino operator - which lost 2.7% along with the rest of the sector as the Crown Resorts saga continued.

Both of the down under dollars were stronger on the greenback, with the Kiwi last 0.19% ahead at NZD 1.3881 and the Aussie advancing 0.21% to AUD 1.3018 per $1.