Stock market today: Asian shares turn lower after China economic data weaker than expected
Associated Press
23-05-16 06:20
Despite an April retail sales increase of 18.4% YoY, up 7.8 percentage points since March, China's economy continues to be weaker than expected with domestic and export demand failing to bounce back after the pandemic. Factory output rose 5.6% YoY, but was down 0.5% from March, while investment in factories, real estate and other fixed assets was up 4.7% in the first four months of 2023, but that was down 0.4 percentage points from the growth rate in the first quarter. Julian Evans-Pritchard of Capital Economics said the post-pandemic recovery was likely to “fizzle out” in the second half of the year. Asian shares mostly remained high on Tuesday, despite the weaker data from China and the fear of a recession hitting later this year. “These increasingly mixed signals suggest that China’s economy is mired in an extended soft patch,” says Stephen Innes of SPI Asset Management.