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Asian stock markets rebounded from a three-and-a-half-month low Wednesday as US President Trump's comments softened slightly, helping alleviate concerns about the US-China tariff war, and the market expects Beijing to introduce more economic stimulus measures.
China's stock market rose strongly after falling for two consecutive days, leading Asian shares.
"China's stock market began to rebound after oversold in recent days. Market sentiment has improved as President Trump seems to want a compromise, "said Kota Hirayama, senior emerging market economist at SMBC Rising Securities in Tokyo.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index rose 0.5%. As trade conflicts between China and the United States intensified, the index fell to its lowest level since the end of January on the previous trading day. The Chinese government announced Monday that it would raise tariffs on a series of U.S. imports in response to a trade war with the United States.
But Trump said Tuesday that the trade talks with China had not broken down and that the Sino-US trade war was only a "minor dispute". U.S. stocks rebounded overnight, boosted by Trump's speech.
The Shanghai Composite Index. SSEC rose 1%, unaffected by doubts about economic growth. China's data released earlier Wednesday fell short of expectations.
China's National Bureau of Statistics announced Wednesday that industrial value-added above April increased by 5.4% year-on-year, less than the median estimated by Reuters survey of 6.5%. Total retail sales of social consumer goods increased by 7.2% year-on-year and the median estimated by Reuters survey of 8.6%. According to Reuters estimates, consumption growth in April was the lowest since May 2003, when it was 4.3%.


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