Investors React to China's Economic Data in Asia Markets

Asia-Pacific markets are trading mixed as investors digest key economic releases from China that missed estimates despite market expectations of a further rebound growth. Goldman Sachs expects the Fed to turn to a dovish pivot in its monetary policy in early 2024. China's economic data for April widely missed expectations as the economy continued to show an uneven recovery path as it emerges from the impact of its stringent Covid restrictions. Minutes from the Reserve Bank of Australia showed that the central bank still sees rate hikes "may still be required," depending on how the economy and inflation in Australia evolve. Shares of Japanese financial stocks rose Tuesday morning after major banks forecast to hit record profits in the current financial year ended March 2024.