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Most Asian stock indices declined after the release of the weak U.S. economic growth data. The U.S. gross domestic product dropped 1.0% in the first quarter, after a 0.1% rise the previous quarter. Analysts had expected a 0.6% decline. That was the first drop in U.S. GDP since the first quarter of 2011.
Mixed economic data was released in Japan. Japan's core consumer price index excluding fresh food climbed at an annual rate of 3.2% in April, after a 1.3% increase in March. That was the fastest pace since February 1991. Analysts had expected 3.1% rise.
Household spending in Japan declined by an annualized rate of 4.6% in April, after a 7.2% rise in March. Analysts had forecasted a 3.2% decrease.
The industrial production in Japan decreased 2.5% in April, after a 0.7% gain in March. Analysts had expected a 1.9% drop.
Indexes on the close:
Nikkei 225 14,632.38 -49.34 -0.34%
Hang Seng 23,081.65 +71.51 +0.31%
Shanghai Composite 2,039.21 -1.38 -0.07%
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