Asian stocks report gains despite dismal China data
|- Asian stocks shrug off weak China data.
- Overnight gains in the US stocks seem to have put a bid under the Asian equities.
Asian stock are flashing green this Wednesday morning even though China data disappointed expectations, indicating the economy lost steam in April.
As of writing, the Shanghai Composite index is up 0.93% and Australia’s S&P/ASX 200 is up .5%. Shares in Hong Kong and South Korea are also better bid along with a 0.18% gains in the S&P 500 futures. Japan’s Nikkei, however, is flat lined.
China’s industrial production and retail sales for April missed estimates by a margin, pouring cold water over optimism generated by the rebound observed in March. China’s Stats Bureau, however, said holidays may have distorted the data, while adding that the nation has ample policy room to support the economy.
Further, President Xi was out on the wires calling nations to promote openness in trade.
The uptick in the Asian stocks, however, could be short-lived, if the US stocks surrender gains seen on Tuesday. State side shares picked up a bid yesterday after Trump said he had a very good dialogue with China and insisted talks between the world’s two largest economies have not collapsed.
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