Asian stock markets started the week on a mixed note after the release of a string of economic data from China and Japan.
Japan's Cabinet Office said the economy grew 3.9 per cent in the January-March quarter, beating forecasts of 2.4 per cent growth. However, many analysts expect growth in the second quarter to slow down as consumer spending slows and industrial output wanes, AP reports.
Meanwhile, fresh data revealed that China's imports tumbled 17.9 per cent in May from a year earlier, while exports fell by 2.5 per cent.
"It remains the view that bad news is good news. Every number we saw from China that has shown weakness has led to accommodation from the People's bank of China or some other means," Stephen Davies, CEO of Javelin Wealth Management, told CNBC. "It's been a rollercoaster ride and i don't think we are in touch with fundamentals so we getting a bit more cautious on valuations."
Japan's Nikkei 225 ended less than 0.1 per cent lower at 20,457.19 and South Korea's Kospi edged down 0.1 per cent to 2,065.19. Hong Kong's Hang Seng rose 0.5 per cent to 27,404.10, while China's Shanghai Composite Index jumped 2.3 per cent to 5,141.05. Australia's stock market was closed for a holiday.
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