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Shares in Asia gain as investors look ahead to China GDP, retail data

Published 10/17/2016, 11:11 PM
Updated 10/17/2016, 11:13 PM
© Reuters.  Asian shares gain

Investing.com - Shares in Asia gained on Tuesday in narrow trade ahead of major data from China this week that could confirm some signs of a stronger than expected third quarter in the world's second largest economy.

Investors also noted comments overnight from Fed Vice Chair Stanley Fischer saying the central bank is "very close" to job and price targets that should trigger a rate hike.

Earlier, Reserve Bank of Australia Governor Philip Lowe said Tuesday third quarter inflation figures will be an important indication of inflation expectations, which have clearly declined recently and there is a need to guard against them falling further, which was bolstered in the release of the October board meeting minutes.

"Of course, one of the key influences on inflation expectations is the actual outcomes for inflation. We will get an important update next week with the release of the September quarter CPI," Lowe said at a conference in Sydney. CPI data is due Oct. 26.

The Nikkei 225 rose 0.08% just before the lunch break, while the Shanghai Composite gained 0.42% as investors looked ahead to GDP, industrial production and retail sales data on Wednesday. The S&P/ASX 200 was up 0.44%.

Overnight, U.S. stocks were lower after the close on Monday, as losses in the Consumer Services, Oil & Gas and Consumer Goods sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average declined 0.29% to hit a new 1-month low, while the S&P 500 index fell 0.30%, and the NASDAQ Composite index fell 0.27%.

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