China stocks may rebound on Friday, as hopes build that weaker-than-expected data will prompt more pro-growth measures from Beijing.
The Shanghai Composite Index edged up 0.07 percent on Thursday to end at 2410.23, turnover was lower than Wednesday.
It's all about the data. April Consumer Price Index and the Producer Price Index will be released when the market opens. While April fixed-asset investment, retail sales and industrial production numbers are due at 1:30 p.m., half an hour into afternoon trade. Expectations are for lower inflation, declining investment and industrial production, and a slight pick-up in retail spending.
After Thursday's surprisingly weak trade data, however, investors are bracing for more downside on the growth front. Lower-than-expected inflation may give Beijing more room to ease.
PBOC issued its first-quarter monetary policy report after the bell. The report mentions the need to "better balance inflation and growth." In the policy outlook section, the report states the central bank will use multiple policy tools to achieve stable and appropriate credit growth, and steadily push for interest rate and currency reforms. While the rhetoric is not new, the wording of the entire report suggests a more nuanced and multifaceted approach to monetary policy.
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Media Stocks - China's ministry of culture issues the 12th five-year plan for reforms to transform the cultural industry into a pillar industry.
—By Cheng Lei, CNBC Asia Pacific