Asian markets are mixed today, as investors digested economic data from China. The Wall Street pared most of its intra-day gains to end slightly higher yesterday. Crude traded higher today, after rising back toward last week's four-year high overnight.
Investors are cautious after soft Chinese economic data and awaited fresh developments on U.S.-China trade talks. China's industrial output in April beat expectations, while retail sales and fixed asset investment also increased, but missed expectations. Hong Kong's Hang Seng lost 0.9 percent, pulling back from a two-month peak to snap a five-day winning run, while Shanghai slipped 0.2 percent.
The Australian market slipped into negative territory after opening higher following the modest gains overnight on Wall Street. Gold miners are weak after gold prices edged lower overnight.
Oil stocks are also mostly lower despite crude oil prices rising slightly overnight. The Japanese market is edging higher in choppy trade backed by a weaker yen.
Oil prices received their latest lift as OPEC reported that the global oil glut has been virtually eliminated. In currencies, the dollar index against a basket of six major currencies gained 0.3 percent
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