China stocks rally on stimulus hopes, weak GDP growth hits Aussie

TOKYO: Asian stocks held their ground on Wednesday as Chinese equities rallied on stimulus hopes, although a resurgence in regional tensions capped broader gains with North Korea opting to restore part of a missile test site it had began dismantling earlier.

Robust U.S. economic data supported the dollar, but its Australian counterpart slid after data showed the economy slowed to a near standstill in the fourth quarter. A report from the Institute for Supply Management showed U.S. non-manufacturing sector companies in February placing the most new orders since August 2005, an indicator of robust health.

Beijing revealed at the annual meeting of its parliament on Tuesday that it is targeting economic growth of 6.0 to 6.5 percent in 2019, less than the 6.6 percent gross domestic product growth reported last year.

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