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Global Markets: Asia stocks edge up on steady China GDP, earnings in focus

Reuters  |  TOKYO 

By Shinichi Saoshiro

(Reuters) - stocks rose modestly on Tuesday following data showing China's grew a little faster than expected in the first quarter.

The dollar was barely changed, with demand for safe-haven U.S. Treasuries ebbing as investor risk appetite improved in parts of the broader markets as investors took the view Western-led strikes on were a one-off intervention.China's grew a welcome 6.8 percent in the first quarter of 2018 from a year earlier, official data showed on Tuesday, unchanged from the previous quarter.

But separate data showed March industrial output missed expectations and first-quarter fixed-asset investment growth slowed, tempering equity market gains.

MSCI's broadest index of shares outside edged up 0.05 percent.

Australian stocks gained 0.5 percent, South Korea's dipped 0.1 percent and Hong Kong's Hang Seng gained 0.15 percent.

rose 0.15 percent and Japan's Nikkei was flat.

While Saturday's missile strikes were the biggest intervention by Western countries against Syria, investor risk appetite improved on speculation that the attacks would not lead to prolonged conflict.

"The markets had been bracing for a possible escalation in following Trump's earlier warnings. Military action, however, has been limited, bringing relief," said Kota Hirayama, senior emerging at in

"That said, the underlying picture has not changed. Conflict continues in and trade issues remain unresolved. Geopolitics will impact the markets again."

The Dow gained 0.87 percent and the rose 0.8 percent on Monday, with the biggest boosts from technology and as investors were optimistic about the earnings season and appeared less worried about U.S.-led missile attacks in

companies are expected to report an 18.6 percent jump in first-quarter profit, on average, the biggest rise in seven years, according to data.

The dollar index against a basket of six major currencies was little changed at 89.441 after losing 0.4 percent overnight.

The euro was steady at $1.2377 . The dollar was effectively flat at 107.060 yen

The pound rose to $1.4355 , its highest since June 2016, with focus on data that could cement expectations of a May interest rate increase from the

The (HKMA) stepped into the currency market again on Tuesday, buying HK$5.77 billion ($735 million) in Hong Kong dollars as the local currency repeatedly hit the lower end of its allowable trading band.

The 10-year note yield was at 2.834 percent after rising to 2.865 on Monday, its highest since March 22.

U.S. rose 0.4 percent to $66.49 a barrel after tumbling nearly 1.8 percent overnight as concerns over tensions in the waned.

Brent crude climbed 0.3 percent to $71.61 a barrel.

(Reporting by Shinichi Saoshiro; Additional reporting by the Hong Kong and Singapore newsrooms; Editing by and Eric Meijer)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 08:57 IST