China reported better-than-expected economic growth data, fuelling hopes of a recovery in its economy amid concerns of a global growth slowdown. China gross domestic product expanded a seasonally adjusted 1.4% on quarter in the first quarter of 2019, the National Bureau of Statistics said on Wednesday, down from 1.5% in the three months prior. On a yearly basis, GDP expanded 6.4% - unchanged from Q4. The bureau also said the retail sales climbed 8.7% on year in March, up from 8.2% in February. Investors have been watching the health of the Chinese economy — the world's second largest — amid Beijing's ongoing trade dispute with Washington.

Shares of materials companies declined, with BHP Group led losses, down 1.9%, after Anglo-Australian mining giant BHP Group reported a 3% decline in iron ore production for the quarter ended March and also lowered its full-year production outlook. Rio Tinto shed 4.2%, Fortescue Metals dropped 7.1%, and South32 fell by 0.6%.

Gold miners were also weak after gold prices fell more than 1% overnight. Newcrest Mining fell almost 1% and Evolution Mining was lower by 2%.

Financials were higher, with all four of the big banks in the green. Westpac led the gainers, adding 1.4% to A$26.77. NAB was up 0.8% to A$25.22, ANZ rose 1.1% to A$26.70, and Commonwealth Bank was up 0.9% to A$73.315.

DuluxGroup was up 27% after a $3.8 billion takeover proposal from Japanese paint giant Nippon.

CURRENCY: The Australian dollar recovered against the U.S. dollar on Wednesday, n better-than-expected China data. The Australian dollar changed hands at $0.7190 following an earlier low of $0.7151.