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Markets

Asian markets rise after encouraging data from China

The Australian shares were up 0.6 percent while South Korea’s KOSPI index and Japan’s Nikkei were both up 1.4pc and
14 Apr 2020
  • The Australian shares were up 0.6 percent while South Korea’s KOSPI index and Japan’s Nikkei were both up 1.4pc and 1.4pc, respectively.
  • The rise in Asian markets is attributed to a better-than-expected trade data of China for March.

Asian markets moved upward on Tuesday after encouraging reports from China that the coronavirus pandemic may be reaching its peak.

The Australian shares were up 0.6 percent while South Korea’s KOSPI index and Japan’s Nikkei were both up 1.4pc and 1.4pc, respectively.

The Hong Kong’s Hang Seng increased 0.2pc, and China's Shanghai Composite (SHCOMP) rose 1.3pc, whereas, Taiwan index was up 1.9pc.

The rise in Asian markets is attributed to a better-than-expected trade data of China for March. China’s customs data on Tuesday showed overseas shipments fell 6.6pc in March year-on-year, improving from a 17.2pc slide in January-February, as exporters rushed to clear a backlog of orders after forced government production shutdowns.

Analysts had forecast shipments to drop 14pc from a year earlier. Yet, while the trade figures were not bad as feared, analysts say the export and overall growth outlook for the world's second-biggest economy remains grim as the pandemic has brought business activity across the globe to a standstill.

“The above-expectation March trade figures do not mean that the future is carefree," said Zhang Yi, Beijing-based chief economist at Zhonghai Shengrong Capital Management.