SYDNEY : Asia's shares pared losses on Tuesday as China's economy recorded a stronger-than-expected recovery from punishing pandemic lockdowns last year that led to a major slowdown.
The currencies of Australia and New Zealand, whose exports are reliant on Chinese demand, both popped higher after the GDP data. Separate data on March activity also released on Tuesday showed retail sales growth beat expectations and hit a near two-year high, while factory output growth also sped up.
In Asian trade, the yield on benchmark 10-year Treasury notes rose to 3.5889 per cent compared with its U.S. close of 3.591 per cent on Monday. Australia's central bank considered hiking rates for an 11th time in April before deciding to pause, but was ready to tighten further if inflation and demand failed to cool, minutes of the Reserve Bank of Australia's April meeting showed.