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Asian shares mostly up as Chinese growth beats expectations China shares down despite growth data
(about 2 hours later)
Asian shares opened mostly higher as the world's second largest economy, China, reported economic growth slightly above expectations. Chinese shares were lower despite the world's second largest economy posting second quarter growth above expectations.
China's GDO expanded in the second quarter at a rate of 7% compared to a year ago. China's economy expanded 7% in the second quarter compared to a year ago - unchanged from the previous quarter when growth was at the lowest level since the global financial crisis.
Unchanged from the previous quarter though, growth remains at the weakest level since the global financial crisis in 2009. The data failed to excite investors.
Despite the data, the Shanghai Composite was down by 1.7% at 3,859.21. The Shanghai Composite was down by 2.4% at 3,830.49, and the Hang Seng index fell 0.4% to 25,018.72 points.
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.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. Julian Evans-Pritchard, China economist at Capital Economics said there were plenty of positive signs on broader economic momentum in the growth figures.
"One reason is that the surge in brokerage activity associated with the equity bubble feeds directly into the service sector component of gross domestic product (GDP)," he said in a note.
"As long as spending on brokerage services didn't come at the expense of growth elsewhere, headline GDP growth will have been stronger as a result."
US rates hintsUS 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 were also cautious ahead of the congressional testimony by US Federal Reserve chair Janet Yellen later on Wednesday.
They will be watching for hints regarding the timing of an interest rate rise in the US.
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.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.
Japan's benchmark Nikkei 225 was up 0.5% at 20,479.00 points. Japan's benchmark Nikkei 225 was up 0.4% at 20,461.76 after the central bank's decision to leave interest rates unchanged.
The Bank of Japan on Wednesday wrapped up its two-day meeting on monetary policy on Wednesday, leaving interest rates unchanged. The Bank of Japan wrapped up its two-day meeting on monetary policy on Wednesday.
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. In Australia, the S&P/ASX 200 index was up 1% to 5,632.20 - leading the region's gains on the China data.
The agreement is expected to result in a surge of Iranian oil exports to international markets and could affect crude prices. China is Australia's biggest export market.
In Australia, the S&P/ASX 200 index was up 0.9% up at 5,628.00 in morning trading. South Korean shares were up after data showed that its unemployment rate for June was unchanged from the previous month at 3.9%.
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. The country's benchmark Kospi index was up 0.4% at 2,067.77 points.
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 0.3% at 2,064.90 points.