Asian stock markets traded lower in the afternoon session on Wednesday, as strong economic figures from China failed to beat concerns over deepening trade tensions with the United States.
China's GDP expanded by 5.4% in the first quarter, while retail sales grew 5.9% and industrial production surged 7.7% in March. Still, the effects of the ongoing trade war persisted, with 145% US tariffs on Chinese goods remaining in place, though electronics are currently subject to 20%. Beijing further escalated tensions by halting deliveries of Boeing parts, while the White House stated that the ball remains in China's court regarding tariff negotiations.
Japan's Nikkei 225 plunged 1.52% at 7:26 am CET, while South Korea's Kospi Composite lost 1.05%, and Hong Kong's Hang Seng plummeted 2.63% at the same time. China's Shanghai Composite dipped 0.64% concurrently, and the Shenzhen Composite went down 1.65% a minute later. Australia's S&P/ASX 200 closed the session flat. The dollar was 0.60% lower against the yen, trading at ¥142.3740 at 7:30 am CET.
