Asian markets end positive following China data

Asian markets rose ending a six-day losing streak, despite China's Q2 GDP growth fell below 8 per cent for the first time since 2009, as data landed in line with forecasts. Both annualized industrial production and retail sales in China dropped by 10bp in June, to 9.5% and 13.7%, respectively. But market gains were limited as Moody's downgrade of Italy's credit rating to near-junk status just ahead of a bond auction threatens to intensify fears over Europe's debt crisis. Meanwhile, euro was under pressure after Italy's government bond rating.