Asian shares salvage losses on upbeat Chinese figures
Asian share markets eased from declining on Monday as China’s economy expanded in the fourth quarter. The country’s economic rebound could be attributed to an increase in its factory output, completely outweighing disappointing reports about consumer spending in the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan salvaged losses to close its session 0.3% lower. This came after the index recently hit a series of record peaks. Meanwhile, Japan’s benchmark index dropped 0.8%, easing from its 30-year high record.
China’s blue chips recorded a 0.8% gain backed by a 6.5% year-on-year expansion in the country’s economy. After the better-than-expected reading, industrial production for December also surpassed forecasts. The expansion seen in China came against the U.S. and Europe as the coronavirus crisis ravaged consumer spending.