Asian stocks rise after China growth within expectations

Asian stock markets mostly eked out modest gains yesterday after China’s quarterly economic growth met expectations, calming some of the investor jitters in the region.
KEEPING SCORE: China’s Shanghai Composite was up 1.6 percent at 2,961.58 and Hong Kong’s Hang Seng gained 0.8 percent to 19,386.75. Australia’s S&P/ASX 200 added 0.7 percent to 4,885. Japan’s Nikkei 225 overcame early losses to rise 0.2 percent to 16,989.31. South Korea’s Kospi advanced 0.2 percent to 1,881.77. Markets in Southeast Asia were mixed. New Zealand gained.
CHINA ECONOMY: China’s economic growth edged down to 6.8 percent in the final quarter of 2015 as trade and consumer spending weakened. The quarterly growth figure was the weakest in six years and 6.9 percent growth for the full year was the lowest in 25 years. That was in line with market expectations but some analysts had forecast a much sharper slowdown. Chinese leaders are trying to reduce reliance on trade and investment by nurturing slower, more self-sustaining growth based on domestic consumption and services.
THE QUOTE: China’s “official data do not point to a hard landing in the fourth quarter of 2015, but they provide little reason to stop worrying about China’s drag on the global economy, either,” said Bill Adams, senior international economist at PNC Financial Services Group. “Chinese domestic demand remains weak, held back by three persistent headwinds.”
ENERGY: Benchmark U.S. crude was down 2 cents to $30.36 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose 40 cents to USD28.95 per barrel.
CURRENCIES: The U.S. dollar rose to 117.62 yen from 117.50 yen in the previous trading day. The euro was little changed at $1.0886 from $1.0885. AP