TOKYO/NEW YORK (Reuters) – Asian stocks gained on Friday as President Donald Trump’s plans to gradually re-open the U.S. economy offset data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak. FILE PHOTO: A man wearing a face mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a novel coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS/Aly Song MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 2.6% after reaching a five-week high. Shares in China .CSI300 rose 1.8% as the weak GDP data reinforced expectations that more stimulus is coming, while shares in Australia were up 2.62%. E-Mini futures for the S&P 500 index ESc1 traded 3.38% higher, also close to a five-week high. Data from China showed the world’s second-largest economy shrank for the first time since at least 1992 because of the coronavirus outbreak and tough containment measures. Gross domestic product contracted 6.8% in the quarter year-on-year, slightly more than expected, and 9.8% from the previous quarter. Retail sales also fell more than expected in March, but industrial output only dipped slightly, suggesting its manufacturing sector at… Read full this story
- 2019-nCoV impacts on economies of Vietnam and China
- GLOBAL MARKETS-Asian shares firm after Wall Street records; China GDP awaited
- US stock futures retreat, Asia shares dip
- Aussie shares to open lower on virus fears
- Japan's economy is shrinking and a recession looks 'all but inevitable'
- India Announces Measures to Revive Sputtering Economy
- China Daily hosts Vision China event to boost Sino-African ties
- Boris Johnson to make trade mission to China
- China says will help manage Mekong as report warns of dam danger
- Slowing growth in China raises red flag for global economy
Asia shares up as plans to re-open U.S economy offset record slump in China GDP have 285 words, post on www.reuters.com at April 16, 2020. This is cached page on wBlogs. If you want remove this page, please contact us.