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China shares down despite growth data China shares down despite growth data
(about 3 hours later)
Chinese shares were lower despite the world's second largest economy posting second quarter growth above expectations. Chinese shares have fallen despite the world's second largest economy reporting growth in the second quarter that was slightly higher than expected.
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.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.
The data failed to excite investors.The data failed to excite investors.
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 Shanghai Composite was down by 4.4% at 3,752.48 while the Hang Seng index fell 0.8% to 24,922.01.
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. Industrial output figures, which measure production at factories, workshops and mines, also beat forecasts, rising 6.8% in June from the previous year.
Julian Evans-Pritchard, China economist at Capital Economics said there were plenty of positive signs on broader economic momentum in the growth figures. Julian Evans-Pritchard, China economist at Capital Economics, said: "There are good reasons to think that the latest [growth] figures are mirroring a genuine stabilisation.
"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. "There is growing evidence of an improvement in the wider economy."
"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 rate hints
US rates hints Investors were cautious ahead of the congressional testimony by US Federal Reserve chair Janet Yellen due 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 looking for hints regarding the timing of an interest rate rise in the US.
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 0.4% at 20,461.76 after the central bank's decision to leave interest rates unchanged. Japan's benchmark Nikkei 225 closed up 0.4% at 20,463.33 after the central bank decided to leave interest rates unchanged but slightly trim its economic growth projection.
The Bank of Japan wrapped up its two-day meeting on monetary policy on Wednesday. The Bank of Japan wrapped up its two-day meeting on monetary policy on Wednesday. Despite noting signs of weakness in external demand, the bank held off on offering fresh stimulus.
In Australia, the S&P/ASX 200 index was up 1% to 5,632.20 - leading the region's gains on the China data. In Australia, the S&P/ASX 200 index closed up 1.1% at 5,636.20.
China is Australia's biggest export market. China is Australia's biggest export market and resources stocks were largely up after the Chinese data.
Bucking the trend was BHP Billiton, which dropped 1% after announcing that it would write the value of its US onshore assets down by $2.8bn (£1.8bn).
South Korean shares were up after data showed that its unemployment rate for June was unchanged from the previous month at 3.9%.South Korean shares were up after data showed that its unemployment rate for June was unchanged from the previous month at 3.9%.
The country's benchmark Kospi index was up 0.4% at 2,067.77 points. The country's benchmark Kospi index finished up 0.7% at 2,072.91.