SYDNEY (Reuters) – 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.
FILE PHOTO: A man walks past an electronic stock quotation board outside a brokerage in Tokyo, Japan, November 13, 2018. REUTERS/Toru Hanai/File Photo
Investors were hoping for better news from China and were not disappointed with first-quarter economic growth pipping forecast at 6.4 percent.
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.
Investors reacted immediately by buying the Australian dollar, often a liquid proxy for China plays, which