Stock markets were mostly higher Wednesday following news that China’s economy grew at a greater than expected 6.4% annual rate in the previous quarter failed to entice wary investors concentrated on weaker U.S. corporate earnings.
Germany’s DAX was up 0.3% in 12,137 and the CAC 40 in France increased 0.2% higher to 5,543. Britain’s FTSE 100 lost 0.1percent to 7,460. Wall Street looked set to get a tepid beginning, together using the futures contract for the Dow and the S&P 500 both up 0.2 percent.
In Asian trading, the Shanghai Composite index gained 0.3percent to 3,263.12, failing to match Tuesday’s 2.4% rally.
The 6.4% pace of expansion in China’s economy in January-March was consistent with Beijing’s official yearly target for 6-6.5% increase and indicates government attempts to halt a downturn are working.
However, it matched the quarter and did little to spur buying excitement.
“It’s not entirely clear what’s behind this strength. Growth in industrial earnings for export edged up last month from 4.2% year-on-year to 5.7% but doesn’t stand out as especially strong,” Julian Evans-Pritchard of Capital Economics said in a comment.
Elsewhere in Asia, Japan’s Nikkei 225 index gained 0.3percent to 22,277.97 while Hong Kong’s Hang Seng index was level at 30,124.68. The S&P ASX 200 in Australia dropped 0.3% to 6,256.40 and also South Korea’s Kospi edged 0.1% lower to 2,245.89.
Shares rose in Taiwan and Singapore.
Investors have been sizing up the latest batch of company earnings reports, with analysts predicting first-quarter outcomes for S&P 500 companies overall will be the weakest in nearly 3 decades.
ENERGY: Benchmark U.S. crude petroleum rose gained 36 cents to $64.41 a barrel in electronic trading on the New York Mercantile Exchange. It gained 1% to repay at $64.05 per barrel on Tuesday. Brent crude, the international standard, additional 35 cents to $72.07 per barrel.
CURRENCIES: The dollar slipped into 111.97 Japanese yen out of 112.01 yen.