Asian stocks weakened, brushing off an initial lift from better-than-expected Chinese economic data as signs of patchiness in the country's recovery weighed on investor sentiment
rose unexpectedly in the three months to February but pay growth stayed higher than forecast, underscoring concerns about the stickiness of inflation in Britain and expectations that the Bank of England will have to continue raising interest rates.
"The data, or at least the earnings part, was a bit stronger than expected, even if the headline numbers were a touch weaker, and it certainly seemed to underpin the market's perception that the Bank of England will tighten policy again," said Jane Foley head of FX strategy at Rabobank. The euro rose 0.46% against the dollar to $1.09775, also heading back towards last week's 14-month top.
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