Asian shares advanced on Monday as investors breathed a sigh of relief after enc...
SYDNEY - Asian shares advanced on Monday as investors breathed a sigh of relief after encouraging Chinese data suggested the world’s second-biggest economy may be starting to stabilize thanks to ramped-up stimulus from Beijing.
The promising monthly activity data suggested a flurry of stimulus measures from China have been able to prop-up domestic activity and offset some of the damage from a protracted trade war with the United States, analysts said. “Investors may be scaling back easing expectation upon today’s data as fiscal measures appear to be working,” said Westpac analyst Frances Cheung.
In currency markets, the Australian dollar, often played as a liquid proxy for the Chinese yuan, jumped after the data to a high of $0.7033, a level not seen since July 4. Expectations that the Fed will keep rates supportive have sent bonds rallying with ten-year U.S. Treasuries below the current Fed rate range of 2.25%-2.50%.
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