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Hong Kong - Asia markets mostly rose on Tuesday after China released data showing its economy grew a little faster than expected, while speculation swirls that the European Central Bank will embark on a huge stimulus programme.
The euro retreated against the dollar after a minor rally on Monday as traders also nervously awaited an election in Greece that some fear could lead to the country exiting the eurozone.
Tokyo shares jumped 1.48%, Hong Kong added 0.25%, Seoul put on 0.68% and Sydney was flat. Shanghai rallied 1.10% a day after slumping 7.7% in response to an official crackdown on margin trading, while Hong Kong gained 0.72% by lunch.
Beijing said the world's second biggest economy expanded 7.4% in 2014.
While the figure is down from 7.7% the previous year and is the weakest since 1990, a year after the Tiananmen Square crackdown, it beat the median forecast of 7.3% in an AFP survey.
"China's economy has achieved stable progress with improved quality under the new normal in 2014," Bureau of Statistics chief Ma Jiantang told reporters.
"However, we should also be aware that the domestic and international situations are still complicated and economic development is facing difficulties and challenges."
A soft result was widely expected as the economy was hit last year by a slowdown in manufacturing and trade as well as declining prices for real estate, which has sent a shock through the country's key property sector.
The news provided the catalyst for pick-up in Shanghai's stocks. On Monday shares suffered their heaviest fall in more than six years after regulators last week suspended three brokerages from opening new margin trading customer accounts for three months after an inspection found rule violations.
"Sentiment improved today with the better-than-expected economic data and a stabilising stock market," Banny Lam, co-head of research at Agricultural Bank of China International Securities in Hong Kong, told Bloomberg News.
Eyes are now on the ECB, where policymakers hold their much-anticipated meeting on Thursday with analysts broadly expecting them to announce a bond-buying scheme aimed at kickstarting lending in the struggling eurozone.
Those expectations have hammered the euro, which last week fell below $1.1500 for the first time in more than 11 years before recovering slightly.
On Tuesday it bought $1.1580, compared with $1.1630 in London, while it also fetched ¥136.90 against ¥136.69. US markets were closed for a national holiday.
The dollar was worth ¥118.21 in Asia, against ¥117.53 in Europe.
On oil markets, US benchmark West Texas Intermediate for delivery in February fell $1.32 to $47.37 in late-morning trade and Brent crude for March fell 12 cents to $48.72.
WTI shed $1.06 Monday and Brent sank $1.02 on reports of record daily output in Iraq, adding to worries about a global supply glut that has sent prices plunging more than 50% since June.
Gold fetched $1 276.76 an ounce, against $1 275.51 late on Monday.
