Chinese Shares Surge Despited Negative Data

Shares in mainland China jumped on Monday despite the world’s second largest economy reporting weak export data over the weekend.

The country’s exports fell by 8.3% in July, far worse than expected and the producer price index was down 5.4% from a year earlier.

However, the benchmark Shanghai Composite ended up 4.9% at 3,928.42.

Investors were trading on the expectation of yet another round of stimulus policy.

In Hong Kong, the Hang Seng index failed to pick up on the mainland’s optimism and closed down 0.1% at 24,521.12.

In Japan, the Nikkei index was higher, closing 0.4% higher at 20,808.69.
In Australia, the S&P/ASX 200 index rose 0.6% to 5,509.20.

via BBC

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