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Asian shares mostly up ahead of Chinese growth data Asian shares mostly up as Chinese growth beats expectations
(35 minutes later)
Asian shares opened mostly higher but investors were cautious ahead of growth figures from the world's second largest economy, China, later in the morning. Asian shares opened mostly higher as the world's second largest economy, China, reported economic growth slightly above expectations.
China's GDP is expected to come in at 6.9% for the second quarter from a year ago - marking its weakest growth since the global financial crisis. China's GDO expanded in the second quarter at a rate of 7% compared to a year ago.
Investors were also awaiting the Bank of Japan's policy meeting and remarks from the Federal Reserve. Unchanged from the previous quarter though, growth remains at the weakest level since the global financial crisis in 2009.
Japan's benchmark Nikkei 225 was up 0.4% at 20,459.49 points. Despite the data, the Shanghai Composite was down by 1.7% at 3,859.21.
The Bank of Japan is to wrap up its two-day meeting on monetary policy on Wednesday with most analysts expecting the central bank to keep interest rates unchanged. The country's industrial output, which measures production at factories, workshops and mines, also beat forecasts, up 6.8% in June from the previous year.
In Hong Kong, the Hang Seng index was flat at 25,152.35 points.
US rates hints
Investors will also be watching for hints regarding the timing of a US interest rate hike in the congressional testimony by US Federal Reserve chair Janet Yellen later on Wednesday.Investors will also be watching for hints regarding the timing of a US interest rate hike in the congressional testimony by US Federal Reserve chair Janet Yellen later on Wednesday.
In China, the Shanghai Composite was lower ahead of the growth data, down 0.8% percent at 3,892.34. Ms Yellen said last week that the Fed was looking to lift rates at some point this year, but an unexpected drop in US retail sales in June raised concerns that the world's top economy may be slowing.
The Hong Kong Hang Seng index was flat at 25,094.35 points. Japan's benchmark Nikkei 225 was up 0.5% at 20,479.00 points.
Iran deal The Bank of Japan on Wednesday wrapped up its two-day meeting on monetary policy on Wednesday, leaving interest rates unchanged.
The rest of Asia's shares took the lead from Wall Street, which reacted positively to Iran's deal on limiting nuclear activity in return for the easing of economic sanctions against it. Asia's shares also took the lead from Wall Street, which reacted positively to Iran's deal on limiting nuclear activity in return for the easing of economic sanctions against it.
The agreement is expected to result in a surge of Iranian oil exports to international markets and could affect crude prices.The agreement is expected to result in a surge of Iranian oil exports to international markets and could affect crude prices.
In Australia, the S&P/ASX 200 index was up 0.9% up at 5,627.60 in morning trading. In Australia, the S&P/ASX 200 index was up 0.9% up at 5,628.00 in morning trading.
China is Australia's biggest export market and investors there will be closely watching the growth figures to assess its impact on the country's trade. China is Australia's biggest export market and investors there are closely watching the growth figures to assess its impact on the country's trade.
South Korea reported its unemployment rate for June at 3.9% - which remained unchanged from the previous month.South Korea reported its unemployment rate for June at 3.9% - which remained unchanged from the previous month.
The country's benchmark Kospi index was up 0.7% at 2,073.05 points. The country's benchmark Kospi index was up 0.3% at 2,064.90 points.