Asian share markets swung higher on Wednesday as a raft of Chinese data easily b...
SYDNEY - 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.
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. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2 percent to near its highest since July. In currency markets, the dollar finally managed to top resistance on the yen at 112.13 to reach its highest since December at 112.16. It was last at 112.02.
One currency on the move was the New Zealand dollar which sank as far as $0.6668 after annual consumer price inflation came in well below expectations at just 1.5 percent for the first quarter.
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