Asian markets posted gains on Tuesday as better than expected Chinese trade data suggested a rebound from the economic devastation wrought by the ...
China has largely brought the disease under control within its borders and the March fall in trade was far lower than expected AFP/STRHONG KONG: Asian markets posted gains on Tuesday as better than expected Chinese trade data suggested a rebound from the economic devastation wrought by the coronavirus pandemic.
Exports fell 6.6 per cent and imports dropped 0.9 per cent in March on a yearly basis, according to Customs figures - falls that were well below the 10 per cent or more forecast by a Bloomberg survey of economists. The Australian dollar has also rallied from last month's 18-year lows with a slowdown in new coronavirus infections and signs of returning industrial activity in China, said AxiCorp chief market strategist Stephen Innes.
That data will be among the first to show the effects of the near-overnight economic shutdown in the country worst affected by the pandemic. Producers had thrashed out a compromise deal on the weekend to cut production by nearly 10 million barrels per day from May.
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