AFP, Hong Kong :
Asian markets largely reversed early gains Friday from a bargain-hunting push as investors remained cautious over the intensifying US-China trade war.
Tokyo managed to hold on to its winnings as positive data helped drive the Nikkei up 0.4 percent, after figures showed the world’s third-biggest economy was growing faster than analysts had predicted.
The data showed Japan’s gross domestic product grew 0.4 percent from the previous quarter on robust consumer demand, beating analysts’ median forecast of 0.1 percent.
“The reading of the data itself was not a huge buying peg… but nonetheless it confirmed personal spending could pick up,” said Makoto Sengoku, market analyst at the Tokai Tokyo Research Institute.
Shanghai shed 0.7 percent on news of the United States banning Huawei and other Chinese firms from government contracts, and weak economic data showing sluggish demand.
Asian markets largely reversed early gains Friday from a bargain-hunting push as investors remained cautious over the intensifying US-China trade war.
Tokyo managed to hold on to its winnings as positive data helped drive the Nikkei up 0.4 percent, after figures showed the world’s third-biggest economy was growing faster than analysts had predicted.
The data showed Japan’s gross domestic product grew 0.4 percent from the previous quarter on robust consumer demand, beating analysts’ median forecast of 0.1 percent.
“The reading of the data itself was not a huge buying peg… but nonetheless it confirmed personal spending could pick up,” said Makoto Sengoku, market analyst at the Tokai Tokyo Research Institute.
Shanghai shed 0.7 percent on news of the United States banning Huawei and other Chinese firms from government contracts, and weak economic data showing sluggish demand.
