Asia: Stocks mixed as investors wait for Chinese GDP data

Indices in Asia were mixed on Tuesday, with Chinese stocks up on hopes of further economic stimulus.

Australia's ASX declined 0.23% despite an improvement in National Australia Bank's business conditions survey to six points in March from two the month before. Business confidence also grew from zero to two points.

In corporate news, mining stocks were down after heavy losses on Monday when a number of investment banks shaved their price targets for iron ore over the coming years. Australian Rio Tinto fell 0.61% and BHP Billinton lost 1.02% in Australian trading.

Hong Kong's Hang Seng fell 1.62% due to a profit-taking from insurance, securities and banking sectors.

The Shanghai composite index gained 0.34% ahead of gross domestic product data due on Wednesday.

China's economy is expected to increase by 7% in its GDP during the first quarter of the year, according to a poll by Reuters.

This would mark the slowest growth rate since 2009 and would be down from the 7.3% growth rate in the previous three months.

The forecasts follow Monday's disappointing data which gave investors hopes of further economic stimulus.

Exports declined by 15% in March, below predictions for a 10% gain and following a 48.3% jump in February. Imports dropped 12.7% last month after a 20.5% slide in February, more than the 10% fall expected.

The Chinese trade surplus fell to $3.08bn in March from $60.62bn the previous month, compared to analysts’ estimates of $40.20bn.

China's March copper imports rose 46.4% month-on-month to 410,000 tonnes but were not deemed strong enough to offset the dollar’s strength.

Alastair McCaig, market analyst, IG said: “Chinese government promises that multi-trillion US dollar infrastructure spending programmes were coming have yet to materialise and their absence has seen a shortfall of bullish enthusiasm.”

The Nikkei 225 was marginally up by 0.02% after comments from the Japanese government that the yen had weakened far enough. The yen was at ¥119.58 against the dollar at 10:35 GMT.

The Bank of Japan released their minutes on Monday with consensus remaining that the troubled economy is recovering slowly and that easing should continue until 2% inflation is reached.

Japanese e-commerce group Rakuten gained 1.64% after news that it is planning to acquire online media network PopSugar for $580m.