China trade data calms global markets, Wall Street surges


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China trade data calms global markets, Wall Street surges

On Thursday, the 8th of August 2019, a stronger-than-anticipated Chinese exports data heaved global stock markets higher after experiencing a sharp downturn last week following a hawkish Fed rate-cut and an unexpected exacerbation of Sino-US trade warfare.

According to data from China’s Commerce Ministry, China’s exports rose 3.3 percent in July on a year-on-year basis, insanely beating an analysts’ estimate of 2 percent decline amid trade-war doldrum. Aside from that, Beijing’s attempt to set its offshore currency’s midpoint rate at 7.0039 against its American counterpart had momentarily offset concerns of further escalation of a gruesome trade war between world’s first- and second-largest economy.

Nonetheless, adding that Thursday’s (August 8th) gain might be short-lived, a global head of FX strategy at UBP, Peter Kinsella said, “There’s a little bit of calm back in the market at the moment. But the ball is very much in Trump’s court.

” Quoting statistics, MSCI’s gauge of global index added 1.39 percent after experiencing broad-based rallies in Wall St. and Europe, however the benchmark index of global shares still remained 1.6 percent down so far this week.

Quoting statistics, all three key indexes of Wall St. posted heavy gains, while Nasdaq mushroomed 2.23 percent, S&P 500 space-dives 1.88 percent and Dow rose by 1.43 percent on Thursday’s (August 8th) market closure, while all major European bourses posted an upsurge of more than 1 per cent.

In Asia, Bombay stock exchange wrapped up Thursday’s (August 8th) market 1.74 percent higher, while Nikkei added 0.48 percent and Hong Kong’s Hang Seng rose 0.48 percent on Thursday’s (August 8th) market wrap-up.

Meanwhile, Chinese export-dependent Australia’s ASX 200 climbed 0.60 percent, while Kiwi’s NZ50 mounted 1.23 percent.