Asia stocks mixed; Nikkei ends down 0.4% despite upbeat GDP data

Investing.com - Asian stock markets were mixed during late Asian hours on Thursday, with markets in Japan edging lower despite data showing Japan’s economy grew more-than-expected in the first quarter.

During late Asian trade, Hong Kong's Hang Seng Index eased up 0.2%, Australia’s ASX/200 Index ended down 0.5%, while Japan’s Nikkei 225 Index closed 0.4% lower.

Preliminary data released earlier in the day showed that Japan’s economy grew by 0.9% in the first quarter, the biggest gain in a year and above expectations for growth of 0.7%.

On an annualized basis, the country’s gross domestic product rose 3.5% in the January-to-March quarter, compared to growth of 1% in the preceding quarter.

In Tokyo, the Nikkei inched lower after hitting a fresh five-and-a-half year high earlier in the session as investors booked profits on recent gainers.

Japanese megabanks were lower after forecasting earnings will drop this year. Stocks of the nation’s largest lender Mitsubishi UFJ Financial Group fell 3.5%, while Sumitomo Mitsui Financial Group and Mizuho Financial Group lost 3% and 3.1% respectively.

Meanwhile, in Hong Kong, the Hang Seng eased up modestly but gains were limited as investors remained concerned over China’s economic outlook.

Index heavyweight Tencent Holdings saw shares rally 6% after reporting stronger-than-expected quarterly earnings.

Elsewhere, in Australia, the benchmark ASX/200 Index edged lower as miners came under pressure.

BHP Billiton saw shares slide 2.2%, while Rio Tinto shed 1.9% and Newcrest Mining dropped 4.9% after gold prices declined for the sixth consecutive session on Wednesday.

Looking ahead, European stock market futures pointed to a lower open after Wednesday’s data showing that the euro zone economy contracted for a sixth successive quarter in the three months to March.

The EURO STOXX 50 futures pointed to a loss of 0.4% at the open, France’s CAC 40 futures shed 0.3%, London’s FTSE 100 futures dipped 0.2%, while Germany's DAX futures pointed to a decline of 0.2% at the open.  

Later in the day, the U.S. is to produce official data on building permits as well as data on housing starts. The U.S. is also to release official data on consumer inflation, initial jobless claims and the Philly Fed manufacturing index.