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Asia Stocks Advance, Led by Tech Shares, Ahead of China GDP Data •

Asia Stocks Advance, Led by Tech Shares, Ahead of China GDP Data

Equityworld Futures : Asian stocks rose, led by technology companies, as investors awaited data from China on gross domestic product, factory output and retail sales.

The MSCI Asia Pacific Index gained 0.1 percent to 137.74 as of 9:05 a.m. in Tokyo. The Shanghai Composite Index tumbled 7.7 percent yesterday, the most since June 2008, after three of the nation’s biggest brokerages were suspended from adding margin-trading accounts. Volatility is set to persist ahead of today’s economic reports and a European Central Bank meeting later in the week, according to Paterson Securities Ltd.

China’s GDP growth probably weakened to 7.2 percent year on year in the October-to-December period, according to the median estimate in a Bloomberg survey. The economy expanded 7.3 percent a quarter earlier. Industrial production is expected to rise 7.4 percent in December, up from a 7.2 percent increase the previous month.

ECB President Mario Draghi is likely to announce a 550 billion-euro ($640 billion) bond-purchase program this week, economists say. Greece enters the final week of campaigning for national elections with time running out for Prime Minister Antonis Samaras’s New Democracy to overtake Alexis Tsipras’s opposition Syriza party and hold to the path of economic reform.

Source: Bloomberg

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