Investing.com - Asian stock markets were higher on Friday, after data showed that China's second quarter gross domestic product landed in line with expectations, but investors remained cautious as concerns over the debt crisis in the euro zone persisted.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.25%, Australia’s ASX/200 Index climbed 0.44%, while Japan’s Nikkei 225 Index edged up 0.08%.
Market sentiment found support after official data showed that China's economy grew 7.6% in the second quarter, in line with expectations and following 8.1% growth in the first three months of 2012.
Although the data marked the slowest pace of Chinese economic growth in three years, the reading came as a relief to markets, which had been worried about the risks of a weaker result.
Separate reports showed that fixed asset investment in China rose 20.4% in June, beating expectations for a 20% increase, while industrial production advanced 9.5% in June, slightly below expectations for a 9.8% rise.
Meanwhile, investors remained cautious after Moody's rating agency downgraded Italy's credit rating to near-junk status just ahead of a bond auction later in the day.
In Tokyo, the Nikkei edges slightly higher following the Chinese data, supported by gains in construction makers such as Komatsu, with shares jumping 1.38%, and rival Hitachi Construction, up 1.43%.
Meanwhile, Sony erased Thursday's sharp losses and rose 0.30%.
On the downside, Dentsu, Japan's biggest marketing company, dove 6.50% after unveiling a plan to buy British group Aegis for USD5 billion, as investors deemed the deal could be too pricey.
Elsewhere, shares in Hong Kong were also boosted by China's GDP report.
Financial stocks were broadly higher, as shares in China Construction Bank advanced 0.84% and the Agricultural Bank of China added 0.34%, while the Industrial and Commercial Bank of China and China Minsheng Bank climbed 0.53% and 0.60% respectively.
Meanwhile, shares in Australia also contributed to gains, led by the financial sector.
Westpac Banking and ANZ Banking Group advanced 0.96% and 0.90% respectively, while National Australia Bank rose 0.85%.
Meanwhile, mining companies were mixed, as shares in Rio Tinto fell 0.29% and Fortescue Metals Group tumbled 2.38%, while BHP Billiton added 0.43%.
Looking ahead, the outlook for European stock markets was downbeat, as the downgrade of Italy's credit rating threatened to spark fresh fears over the worsening of the debt crisis in the euro zone.
The EURO STOXX 50 futures pointed to a lower open, France’s CAC 40 futures dropped 0.70%, London’s FTSE 100 futures tumbled 0.99%, while Germany's DAX futures pointed to a decline of 0.53% at the open.
Later in the day, Italy was to hold a 10-year government bond auction, while the U.S. was to publish data producer price inflation and a preliminary report on consumer sentiment.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.25%, Australia’s ASX/200 Index climbed 0.44%, while Japan’s Nikkei 225 Index edged up 0.08%.
Market sentiment found support after official data showed that China's economy grew 7.6% in the second quarter, in line with expectations and following 8.1% growth in the first three months of 2012.
Although the data marked the slowest pace of Chinese economic growth in three years, the reading came as a relief to markets, which had been worried about the risks of a weaker result.
Separate reports showed that fixed asset investment in China rose 20.4% in June, beating expectations for a 20% increase, while industrial production advanced 9.5% in June, slightly below expectations for a 9.8% rise.
Meanwhile, investors remained cautious after Moody's rating agency downgraded Italy's credit rating to near-junk status just ahead of a bond auction later in the day.
In Tokyo, the Nikkei edges slightly higher following the Chinese data, supported by gains in construction makers such as Komatsu, with shares jumping 1.38%, and rival Hitachi Construction, up 1.43%.
Meanwhile, Sony erased Thursday's sharp losses and rose 0.30%.
On the downside, Dentsu, Japan's biggest marketing company, dove 6.50% after unveiling a plan to buy British group Aegis for USD5 billion, as investors deemed the deal could be too pricey.
Elsewhere, shares in Hong Kong were also boosted by China's GDP report.
Financial stocks were broadly higher, as shares in China Construction Bank advanced 0.84% and the Agricultural Bank of China added 0.34%, while the Industrial and Commercial Bank of China and China Minsheng Bank climbed 0.53% and 0.60% respectively.
Meanwhile, shares in Australia also contributed to gains, led by the financial sector.
Westpac Banking and ANZ Banking Group advanced 0.96% and 0.90% respectively, while National Australia Bank rose 0.85%.
Meanwhile, mining companies were mixed, as shares in Rio Tinto fell 0.29% and Fortescue Metals Group tumbled 2.38%, while BHP Billiton added 0.43%.
Looking ahead, the outlook for European stock markets was downbeat, as the downgrade of Italy's credit rating threatened to spark fresh fears over the worsening of the debt crisis in the euro zone.
The EURO STOXX 50 futures pointed to a lower open, France’s CAC 40 futures dropped 0.70%, London’s FTSE 100 futures tumbled 0.99%, while Germany's DAX futures pointed to a decline of 0.53% at the open.
Later in the day, Italy was to hold a 10-year government bond auction, while the U.S. was to publish data producer price inflation and a preliminary report on consumer sentiment.