Asian markets mostly advanced on Friday, with traders shrugging off a slightly disappointing deluge of economic data from China, focusing instead on record finishes in the U.S. markets and a rebound in oil prices.
In Australia, the ASX 200 closed up 22.88 points, or 0.42 percent, at 5,530.90, posting a 0.6 percent gain for the week.
The Japanese market returned to trade after being shut Thursday for a public holiday, and the benchmark Nikkei 225 closed up 184.80 points, or 1.10 percent, at 16,919.92. For the week, the Nikkei posted a 4.09 percent gain.
Chinese mainland markets traded higher, with the Shanghai composite closing up 48.38 points, or 1.61 percent, at 3,051.02 and the Shenzhen composite rising by 22.74 points, or 1.16 percent, to 1,973.66.
The advanced followed an initially muted reaction to the release of Chinese industrial output, retail sales and fixed asset investment data.
China's industrial output for July grew 6 percent on-year, a touch lower than a Reuters poll forecast for a rise of 6.1 percent. Retail sales were up 10.2 percent in July, compared with a Reuters forecast of 10.5 percent, while fixed asset investment growth eased to 8.1 percent on-year in the January-July period, with the market expecting the number to come in at 8.8 percent, said Reuters.
Some analysts were sanguine on the readings.
"In once again printing not far from forecasts and still at levels many other economies can only hope for, disruption to markets was almost non-existent," Patrick Bennett, a strategist at CIBC, said in a note.
But ANZ economists Louis Lam and David Qu noted that industrial production was likely to continue to face downward pressure heading in the second half of this year as the mainland strives to meet overcapacity targets.
They added "growth will likely remain uneven in the second half of 2016 as traditional manufacturing sectors underperform."
Shane Oliver, head of investment strategy and chief economist at AMP Capital, agreed. In a note, he said the data suggests "that Chinese growth in the current quarter may be edging down to around 6.5 to 6.6 percent year-on-year."
In the currency market, the Australian dollar dropped from levels near $0.7685 before the release of the China data to as low as $0.7667. At 3:02 p.m. HK/SIN, the Aussie traded at $0.7682. China is one of Australia's key trading partners and Chinese data usually impacts the Aussie.