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Asian stock markets wobbled higher Wednesday as a series of better-than-expected Chinese data suggested that Beijing's stimulus measures might finally inject vitality into the economy.
Investors expect better news from China, and are not disappointed with a slightly higher than expected GDP growth of 6.4% in the first quarter.
More importantly, the value added of industries above the scale in March increased by 8.5% year-on-year, much higher than the median estimated by Reuters survey of 5.9%. In March, the total retail sales of consumer goods increased by 8.7% year on year.
Investors immediately responded by buying the Australian dollar. The Australian dollar rose 0.3% to a two-month high of 0.7206 against the dollar.
Nikkei. N225 rose 0.5% and hit a five-month high, while E-Mini S&P 500 Index futures rose 0.2%.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index rose 0.2%, close to its highest level since July.
"This shows that the policy measures taken by the Chinese authorities last year are yielding results," said Rodrigo Catril, senior foreign exchange strategist at the National Bank of Australia.
"Last week's credit and housing data were surprising, and now GDP is performing better than expected, indicating that the economy is recovering," he added. "We believe that the recovery of China's economy is a necessary condition for the improvement of global growth prospects."
The dollar index was flat at 96.991, still in the 95.00-97.70 range over the past six weeks.
EUR = rose slightly to $1.1298. Overnight, it fell from 1.1314, and Reuters reported that several ECB policymakers thought the bank's economic forecasts were too optimistic.


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