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Asia comforted by China data, Europe uninspired

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Asia comforted by China data, Europe uninspired

Asia comforted by China data, Europe uninspired

European shares dip despite China's better-than-expected first-quarter GDP, as concerns over big miners BHP and Rio Tinto outweigh a positive earnings picture from Roche and L'Oreal.

David Pollard reports.

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Asia comforted by China data, Europe uninspired

VW unveils a new electric model at the Shanghai car show, but the buzz here is as much about China's latest economic numbers.

A GDP rate of 6.4 per cent in Q1 - along with a surge in industrial output and a steady rise in retail sales - beat forecasts.

And helped Asian share markets to make gains... If - with the Nikkei up a quarter of a percent, and Shanghai's Composite a third - only modest ones.

They came just after the doors opened on the Shanghai show - where, already, sentiment for the sector was on the up.

(SOUNDBITE) (English) CHIEF EXECUTIVE OFFICER, VOLKSWAGEN, HERBERT DIESS, SAYING: "Yes we had two consecutive quarters of decline of the market mostly driven by the trade negotiations between the U.S. and China, because (the) economic surrounding of the market is in good shape, it's healthy ... Basically I'm confident that we will see a better second half." Europe's markets, despite a shot in the arm from Roche, struggled.

Q1 sales were up eight per cent at the Swiss drugmaker - it's also lifted its 2019 outlook.

It wasn't enough to stop the big miners weighing on sentiment.

BHP shares gave up over two per cent after it cut its target for iron ore output.

Rio Tinto already announced a drop in shipments on Tuesday - its shares were down over three per cent.

Chipmakers got a boost from ASML's better than expected earnings .... And L'Oreal rose on sales that beat forecasts - before they too lost their gloss to trade flat.

As was, overall, the mood in Europe with most major indices edging into the red.



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