Beijing, China (BBN)-Asian shares opened mostly higher as the world’s second largest economy, China, reported economic growth slightly above expectations.
China’s GDO expanded in the second quarter at a rate of 7 per cent compared to a year ago, reports BBC.
Unchanged from the previous quarter though, growth remains at the weakest level since the global financial crisis in 2009.
Despite the data, the Shanghai Composite was down by 1.7 per cent at 3,859.21.
The country’s industrial output, which measures production at factories, workshops and mines, also beat forecasts, up 6.8 per cent in June from the previous year.
In Hong Kong, the Hang Seng index was flat at 25,152.35 points.
Investors will also be watching for hints regarding the timing of a US interest rate hike in the congressional testimony by US Federal Reserve chair Janet Yellen later on Wednesday.
Yellen said last week that the Fed was looking to lift rates at some point this year, but an unexpected drop in US retail sales in June raised concerns that the world’s top economy may be slowing.
Japan’s benchmark Nikkei 225 was up 0.5 per cent at 20,479.00 points.
The Bank of Japan on Wednesday wrapped up its two-day meeting on monetary policy on Wednesday, leaving interest rates unchanged.
Asia’s shares also took the lead from Wall Street, which reacted positively to Iran’s deal on limiting nuclear activity in return for the easing of economic sanctions against it.
The agreement is expected to result in a surge of Iranian oil exports to international markets and could affect crude prices.
In Australia, the S&P/ASX 200 index was up 0.9 per cent up at 5,628.00 in morning trading.
China is Australia’s biggest export market and investors there are closely watching the growth figures to assess its impact on the country’s trade.
South Korea reported its unemployment rate for June at 3.9 per cent – which remained unchanged from the previous month.
The country’s benchmark Kospi index was up 0.3 per cent at 2,064.90 points.