Hong Kong stocks reverse losses as investors assess key China data; Nikkei tumbles almost 2%

The People's Bank of China held its medium term lending facility rate unchanged at 2.5% on 182 billion yuan, as expected.

However, industrial output grew by 5.6% year-on-year, compared to the 6% increase expected, while fixed asset investment rose 4% compared to last May, just missing the 4.2% forecast.China's retail sales beat expectations in May, climbing 3.7% compared with a year ago, beating expectations of a 3% rise from a Reuters poll of economists.

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