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Asia relieved as China data point to recovery


Added 04-16-19 11:03:01pm EST - “Asian share markets swung higher on Wednesday as a raft of Chinese data easily b...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Asia relieved as China data point to recovery”. Below is an excerpt from the article.

SYDNEY (Reuters) - Asian share markets swung higher on Wednesday as a raft of Chinese data easily beat expectations in a sign Beijing’s policy stimulus may finally be gaining traction in the world’s second-largest economy.

Investors were hoping for better news from China and were not disappointed with first-quarter economic growth pipping forecast at 6.4 percent.

More importantly industrial output surged 8.5 percent in March from a year earlier, blowing away forecasts of a 5.9 percent increase. Retail sales also pleased with a rise of 8.7 percent.

Investors reacted immediately by buying the Australian dollar, often a liquid proxy for China plays, which pushed up 0.3 percent to a two-month top at $0.7206.

Japan’s Nikkei added 0.5 percent to reach its highest in almost five months, while E-Mini futures for the S&P 500 rose 0.2 percent.

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