Mixed Asian Markets React to China's Disappointing Economic Recovery

Japan's Q1 GDP figures are expected to show annualized growth of 0.7%, the fastest in three quarters, thanks to strong services sector spending. Meanwhile, China's economic data for April fell short of expectations, with industrial output, retail sales growth, and property investment all undershooting forecasts. The Chinese yuan slipped to its weakest level this year, and Chinese stocks resumed their recent losing streak. U.S. debt ceiling talks continue to loom large over markets, with signs of progress being made to avert default.