Asian stock markets slipped in to the red on Tuesday, despite the positive cues from European markets overnight, as traders reacted to weak fourth-quarter economic data emerging from China, which reported its second-lowest annual economic growth in almost 50 years. Traders are also assessing stubborn inflation, possible recession and the growth outlook for the markets. Asian markets closed mostly higher on Monday.
The Australian stock market modestly higher on Tuesday after being in the red at open, extending the gains in the previous fourth sessions, with the benchmark S&P/ASX 200 staying below the 7,400 level off yesterday's nine-month highs, despite the positive cues from European markets overnight, dragged by mining and energy stocks amid tumbling commodity prices.
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