Shares Mixed Following China Growth Data

TOKYO (AP) -- Global shares were mixed Tuesday as pessimism over economic and political uncertainties remained even as China reported better-than-expected growth data.

France's CAC 40 added 0.3% in early trading to 7,517.90. Germany's DAX rose nearly 0.1% to 15,804.68. Britain's FTSE 100 added 0.2% to 7,897.45. U.S. shares were set to drift higher with Dow futures up almost 0.1% at 34,160.00. S&P 500 futures rose 0.1% to 4,181.75.

Japan's benchmark Nikkei 225 rose 0.5% to finish at 28,658.83. Australia's S&P/ASX 200 shed 0.3% to 7,360.20. South Korea's Kospi lost 0.2% to 2,571.09. Hong Kong's Hang Seng slipped 0.6% to 20,650.51, while the Shanghai Composite rose 0.2% to 3,393.33. Oil prices fell.

Traders have been focused on data out of China as the region's chief engine for growth, and trading was muted until the release of its gross domestic product figures. China's 2023 growth target is 5%.

China's first-quarter GDP, which measures the value of a nation's products and services, rose 4.5%, according to official statistics. Analysts had expected 4% growth following 2.9% growth in the last quarter of 2022. Still, some analysts remained cautious.

"This neither distracts from doubts around sustained growth recovery back above 5% nor does it adequately confirm recovery in private sector confidence critical to inspire a virtuous growth cycle," said Tan Boon Heng at Mizuho Bank.

Analysts say new trade patterns will emerge since markets have been rocked by various political uncertainties such as the war in Ukraine, threatening supply chains and triggering fluctuations in consumer prices and moves by the world's central banks.

"That period of relative stability may now be giving way to one of lasting instability resulting in lower growth, higher costs and more uncertain trade partnerships. Instead of more elastic global supply, we could face the risk of repeated supply shocks," Michael Every, global strategist at Rabobank, said in a market commentary.

Much focus has been on the strength of the financial industry after the second- and third-largest U.S. bank failures in history last month rocked markets worldwide.

A worry for the broad financial industry has been that customers could pull out deposits amid the fear about the U.S. banking system. The spotlight has been greatest on regional banks that are a rung or several below the size of JPMorgan Chase and other massive "too-big-to-fail" banks. They're seen as more vulnerable to customers fleeing en masse, akin to the runs that helped cause the failures of Silicon Valley Bank and Signature Bank last month.

Several regional banks will report their results later this week. So far, the earliest trends for earnings season seem to be encouraging.

Even though inflation has been cooling, it still remains far above the Fed's liking.

In energy trading, benchmark U.S. crude fell 18 cents to $80.65 a barrel. Brent crude, the international standard, dipped 17 cents to $84.59 a barrel.

In currency trading, the U.S. dollar inched down to 134.28 yen from 134.42 yen. The euro cost $1.0974, up from $1.0930.