Asian stocks dip as China predicts slow economic growth

Asian markets were mostly lower in quiet trade Monday after China said it expects its economic growth to slow further this year, as investors awaited key data releases around the world this week.Tokyo fell 0.26 percent by the break, Hong Kong was 0.84 percent lower, Sydney shed 0.35 percent, Seoul lost 0.83 percent and Shanghai was flat.Chinese Premier Wen Jiabao said on Monday that the country was targeting growth of 7.5 percent in 2012, a third straight reduction as the worlds number two economy is buffeted by the ongoing troubles in the West.Wens growth target, announced as he opened the annual session of the National Peoples Congress (NPC), follows expansion of 9.2 percent last year and 10.4 percent in 2010.The slightly lower target was aimed at accelerating the transformation of the pattern of economic development as Beijing seeks to reduce its reliance on exports to drive growth with key US and European markets continuing to stumble.Leaders also set an inflation target of 4.0 percent for the year, unchanged from last year, after consumer prices rose 5.4 percent in 2011.While dealers took in Wens comments they were also eyeing a string of announcements this week, including a rate decision and jobs figures in Australia and a European Central Bank rate move.However, the crucial day is Friday with the release of US non-farm payrolls, which will give an indication of the state of recovery in the worlds number one economy following several months of steady growth.Tim Waterer, senior FX dealer at CMC Markets, said in a note the slew of data due out this week will set the table for risk appetite near-term.He added: If the market is to be given any new buying impetus to break through current levels, non-farm payrolls shapes as the most likely candidate.With investors mostly sitting on the sidelines foreign exchange trade was also subdued.The euro bought $1.3195 and 107.77 yen in early Asian trade on Monday, compared with $1.3196 and 107.93 yen in New York late Friday. The dollar edged down to 81.67 yen from 81.78 yen.Oil prices rose as the Wests row with Iran over Tehrans nuclear programme continued to linger, stoking fears of a possible conflict.New Yorks main contract, West Texas Intermediate crude for delivery in April, gained 52 cents to $107.22 per barrel while Brent North Sea crude for April settlement was up 21 cents at $123.86.Gold was at $1,713.40 an ounce at 0330 GMT, compared with $1,715.10 late Friday.