Asia opens higher on upbeat data

Asian stocks opened the fifth session of the week higher following strong growth data from China for 2019 despite the trade dispute with the US, which was negotiated to a halt recently. 

Earlier Chinese data showed GDP grew 1.5% in the fourth quarter, besting estimates of 1.4%, while growing 6% y/y. 

Retail sales rose 8%, same as before, while industrial production rose 6.9% y/y, up from 6.2%. 

Chinese President Xi Jinping sent a message to US President Donald Trump after the signing of the first stage of the new trade deal, expressing his hopes for solving disputes through negotiations while asserting both sides have to commit to the deal to achieve further cooperation. 

The first stage of the trade deal would have China increase purchases of US commodities by $200 billion, including $52.4 of energy products, $77.7 billion for manufacturing,  $37.9 billion for services, and $32 billion for agriculture products. 

The US will abolish tariffs on some Chinese tech products while cutting tariffs on other products valued at $120 billion to 7.5%. 

Japan's TOPEX rose 0.39% to 1,735.52, while Nikkei 225 climbed 0.49% to 24,050.16. 

China's CSI 300 rallied 0.55% to 4,171.68, while Shanghai added 0.47% to 3,088.42. 

Hong Kong's Hang Seng inched up 0.22% to 28,946.41, while South Korea's KOSPI rose 0.18%. 

New Zealand's NZX 50 rose 0.41% to 11,786.09, while Australia's S&P/ASX 200 climbed 0.48%.