CANBERA (dpa-AFX) - Asian stocks ended on a solid note Monday as weak GDP data from China spurred hopes that authorities will pursue more stimulus to support growth.
Investors also cheered media reports suggesting that China had offered to buy more American goods through 2024 to eliminate its trade imbalance with the U.S.
Chinese shares rose as GDP figures came in line with expectations and reports on industrial production and retail sales topped forecasts.
The benchmark Shanghai Composite index rose 0.56 percent to 2,610.51 while Hong Kong's Hang Seng index gained 0.39 percent to close at 27,196.54.
China's GDP grew a seasonally adjusted 1.5 percent sequentially in the fourth quarter of 2018, in line with expectations and down from 1.6 percent in the third quarter.
On an annualized basis, GDP expanded 6.4 percent - again matching forecasts and down from 6.5 percent in the three months prior.
Separately, industrial production climbed 5.7 percent on year in December, topping forecasts for 5.3 percent and up from 5.4 percent in November.
Retail sales were up an annual 8.2 percent - topping expectations for 8.1 percent, which would have been unchanged.
Fixed asset investment gained 5.9 percent on year - unchanged from the November reading but missing forecasts for a gain of 6.0 percent.
Japanese shares eked out modest gains to hit over one-month high as a softer yen boosted exporters. The Nikkei average rose 53.26 points or 0.26 percent to 20,719.33, its highest level since Dec. 19. The broader Topix index closed 0.56 percent higher at 1,566.37.
Toyota Motor rose 0.3 percent and Panasonic jumped as much as 3.3 percent after reports that they plan to launch a joint venture in 2020 to manufacture batteries for electric vehicles.
Shares of Mitsui OSK Lines rallied 3.5 percent and Kawasaki Kisen surged 3.6 per cent. Lixil Group Corp soared 4.6 percent after denying it had considered delisting from Japan through a management buyout.
Australian markets edged up slightly in thin trade, with banks and energy stocks pacing the gainers.
The benchmark S&P/ASX 200 index inched up 10.80 points or 0.18 percent to 5,890.40 while the broader All Ordinaries index ended up 12.30 points or 0.21 percent at 5,953.50.
Lenders ANZ, NAB and Westpac rose between 0.1 percent and half a percent while insurer Insurance Australia Group advanced 1.1 percent.
Santos rose 0.7 percent and Oil Search gained 1 percent ahead of their quarterly production reports, due this week.
Rivals Woodside Petroleum and Origin Energy also closed higher as oil prices remained supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia.
Gold miners Newcrest and Evolution fell around 2 percent as rising equity markets and a firmer dollar dented the appeal of the precious metal.
Seoul stocks fluctuated before finishing a tad higher as investors awaited further developments regarding U.S.-China trade talks. The benchmark Kospi finished marginally higher at 2,124.61.
Automakers fell on profit taking, with Hyundai Motor falling over 3 percent while parts maker Hyundai Mobis shed 2.4 percent.
New Zealand shares advanced, with the benchmark S&P/NZX 50 index ending up 50.86 points or 0.56 percent at 9,148.57, led by industrial and healthcare companies.
U.S. stocks rose on Friday to reach their best closing levels in well over a month after a report from Bloomberg News said China has offered to go on a six-year buying spree to ramp up imports from the U.S.
The Dow Jones Industrial Average climbed 1.4 percent, the tech-heavy Nasdaq Composite added 1 percent and the S&P 500 added 1.3 percent.
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