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17 April, 2019 00:00 00 AM
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Asian markets rise as attention turns to China growth data

AFP, Hong Kong
Asian markets rise as attention turns to China growth data
Asian markets rose yesterday after a slow start to the day, as investors brushed off a weak lead from Wall Street. AFP file photo

Asian markets rose yesterday  after a slow start to the day, as investors brushed off a weak lead from Wall Street while looking ahead for the release of Chinese growth data.

With few catalysts to drive business regional equities at first struggled for traction but picked up as the day wore on, resuming an uptrend that has characterised the year.

Focus turns now to China’s growth figures, which come after a number of upbeat readings on the world’s number two economy—including factory activity, inflation, new loans and trade—that have given some cause for optimism.

High-level talks between China and the United States aimed at ending their long-running trade war are also being closely followed, with most observers optimistic they would reach a deal.

Both sides have sounded positive, and expectations for a deal have been a key driver of a rally in global markets this year and in offsetting worries about the outlook for the world economy.

“The data from both China and the US has been consistently upbeat of late, suggesting things may not get as bad as the doomsayers are proclaiming,” said OANDA senior market analyst Jeffrey Halley.

“That said, without sounding like a broken record, a resolution of the US-China trade issues must occur before a more complete picture of what 2019 holds for the global economy can be built.”

Traders are also keeping tabs on trade talks between Japan and the United States in Washington.

Hong Kong rose 0.9 per cent  in late trade, while Shanghai ended more than two per cent  higher boosted by a rise in property prices, while Tokyo was up 0.2 per cent .

Sydney gained 0.4 per cent , Singapore added 0.2 per cent , Seoul rose 0.3 per cent  and Taipei jumped 0.6 per cent. Wellington, Manila, Mumbai and Jakarta were also well up.

Traders in New York provided a weak lead after Wall Street majors Goldman Sachs and Citigroup disappointed, offsetting a healthy report from peer JP Morgan last week and causing some concern as earnings season kicks into gear.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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