Sat, 07 Dec 2019

Stocks creep higher in Asia, dollar steady

Lola Evans
14 Aug 2019, 19:14 GMT+10

SYDNEY, Australia - Disappointing economic data from China failed to dent markets across the region on Wednesday.

All the major bourses made ground, albeit modestly.

China's industrial ouput for last month came in at 4.8%, well short of expectations by analysts of 5.8%, and last year's July figure of 6.3%.

China's Shanghai Composite shrugged off the disappointing data, advancing 11.66 points or 0.42% to 2,808.91.

The Hang Seng in Hong Kong climbed 20.98 points or 0.08% to 25,302.28.

In Japan, the Nikkei 225 jumped 199.69 points or 0.98% to 20,655.13.

The Australian All Ordinaries rose 29.40 points or 0.44% to 6,677.50.

The euro remained below the 1.1200 level as disappointing German data also hit the market. The British pound was little changed at 1.2070. The Japanese yen crept up a liuttle to 106.40, as did the Swiss franc to 0.9737.

The Canadian dollar was little changed at 1.3243.

The Australian dollar inchded up to 0.6770, however the New Zealand dollar hung back at 0.6446.

On Wall Street, the main indices rallied on news that half the tariffs proposed by President Trump will now be delayed beyond the 1 September deadline. A rebound on the MERVAL in Argentina of 10%, after Tuesday's 38% dive, also helped settle markets.

The Dow Jones Industrial Average climbed 372.54 points, or 1.44%, to 26,279.91.

The Standard and Poor's 500 added 42.48 points, or 1.47%, to 2,926.23.https://www.bignewsnetwork.com/news/262061165/delay-in-us-tariffs-on-chinese-goods-sends-us-stocks-roaring

The Nasdaq Composite gained 152.95 points, or 1.95%, to 8,016.36.

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