Beijing reported imports rose 1.5 percent in August from a year ago, confounding forecasts of a 4.9 percent drop, while exports from the Asian giant dipped 2.8 percent.
The initial reaction was muted, in part because markets have come to distrust the veracity of Chinese data over the years, though the Aussie did nudge up a touch to $0.7683, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was still down a slight 0.2 percent. That followed four days of gains which took it to the highest since late July last year.
South Korean stocks .KS11 eased 0.2 percent, having also touched a one-year top this week, while Shanghai .SSEC was a fraction softer.
Japan's Nikkei .N225 lost 0.2 percent, easing away from a three-month top in the face of a firm yen.
There was little in the way of a lead from Wall Street. The Dow .DJI ended Wednesday down 0.06 percent, while the S&P 500 .SPX lost 0.02 percent and the Nasdaq .IXICadded 0.15 percent to eke out a record high finish.
Apple shares rose 0.6 percent, after the biggest company by market value unveiled its new iPhone.
The main event later on Thursday will be the European Central Bank's regular policy meeting.
Nearly all analysts polled by Reuters expect rates to remain unchanged on Thursday, though there was more uncertainty on whether the ECB would announce an extension of its 80 billion euro of monthly asset buys.
If it were to make that call, it would likely reinforce speculation of more easing before year end and could pressure the euro.
The single currency was parked at $1.1255 EUR= on Thursday, just off the week's top of $1.1269.
It jumped earlier in the week when a disappointing reading on the U.S. services sector seemed to diminish the chance of a rate hike from the Federal Reserve and slugged the dollar across the board.
Neither was there much urgency to tighten in the Fed's latest Beige Book report on the economy, which was littered with the words "modest" and "moderate".
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In particular, there was little sign of the wage pressures that the Fed is counting on to push inflation higher.
Futures markets imply only around a 15 percent chance of a rate rise in September, climbing to 42 percent for December.
The dollar was off 0.1 percent on a basket of currencies at 94.832 .DXY, having touched a one-week low of 94.690.
The yen remained firm at 101.63 per dollar JPY= due in part to talk the Bank of Japan's board was struggling to agree on a common front for more easing at its policy review later this month.
In commodity markets, U.S. crude extended an overnight bounce after U.S. inventory data showed what might be the largest weekly stock draw in over three decades.
U.S. crude CLc1 climbed 82 cents to $46.32 a barrel, while Brent futures LCOc1 rose 77 cents to $48.75.