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Asian Equities Move Higher after China GDP Beats Estimates

Asian stock markets turned higher early Tuesday, as China’s fourth quarter gross domestic product beat expectations to come in at 7.3 percent from the year-ago period, beating the 7.2 percent forecast by analysts and holding steady from the prior quarter.

A continued slide in oil prices could also dent sentiment. Brent crude oil prices fell below $50 a barrel on Monday after Iraq announced record oil production and the global economic outlook darkened. U.S. crude was trading down 74 cents at $47.95 a barrel.

China’s benchmark Shanghai Composite index widened gains to nearly 2 percent following a better-than-expected growth reportcard. In the previous session, the index slumped 7.7 percent – its biggest daily percentage drop in over six years on the back of declines in property developers. A crackdown on margin lending also led to losses in the financial sector.

CNBC [1]

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