Investing.com - Asia shares were mixed on Thursday as regional data sets offered some support with China GDP meeting expectations and investors awaiting more clarity on China's political winds from the 19th Party Congress.
Japan's Nikkei 225 rose 0.66%, while Australia's S&P/ASX 200 gained 0.13%. In Greater China, the Shanghai Composite fell 0.35%, while the Hang Seng index dipped 0.09%.
China on Thursday reported third quarter GDP came in as expected to show a gain of 1.7% on quarter and 6.8% rise on year, while industrial production rose 6.6%, more than the 6.2% increase seen in September and fixed asset investment gained 7.5%, below the 7.7% gain seen. Retail sales in China rose 10.3%, beating the expected up 10.2% increase.
Earlier in Japan, the trade balance came in at a surplus of ¥670 billion, wider than the ¥560 billion surplus seen for September. Australia reported jobs data with 19,800 workers added, compared to 15,000 under employment change expected, helping the unemployment rate dip to 5.5% from 5.6%.
Investors await news from the New Zealand First party on its choice of a coalition partner between National or Labour - or if it will offer any support from outside. As well, Catalonia's premier is slated to answer a deamnd by Spain to drop an independence bid.
Overnight, U.S. stocks continued to add to recent gains as bullish quarterly earnings offset data showing weakness in the housing sector and ongoing concerns over the slowdown in inflation.
The Dow Jones Industrial Average closed higher at 23,152.92. The S&P 500 closed 0.07% higher while the Nasdaq Composite closed at 6624, up 0.01%.
Shares of IBM (NYSE:IBM) closed more than 9% higher after the technology giant posted earnings and revenue that topped expectations, lifting sentiment on the broader market.
IBM posted adjusted earnings per share of $3.30 on revenue of $19.15 billion Tuesday after the close. Analysts polled by Reuters expected the company to report earnings of $3.28 per share on sales of $18.6 billion.
The uptick in sentiment on earnings overshadowed data pointing to ongoing weakness the housing sector and sluggish inflation.
The central bank’s Beige Book economic report, based on anecdotal information collected by the Fed’s 12 reserve banks through October 6, showed continued weakness in wage growth while price pressures remained moderate, dampening expectations that a tight labor market would spur a rebound inflation.
The release of the Fed’s Beige Book came just hours after housing data fell short of expectations.
The Commerce Department said Tuesday U.S. homebuilding fell 4.7% to a seasonally adjusted annual rate of 1.127 million units in September, well below economists’ estimates of a 0.5% decline.
The report also highlighted a sharp 4.5% slump in building permits to a rate of 1.215 million units. That was below estimates of a fall to 1.245 million units.