SYDNEY (Reuters) – Asian shares pared early losses on Thursday after Chinese exports proved far stronger than even bulls had thought of, while U.S. bond investors were still daunted by the incredible quantity of new debt set to be sold in coming weeks.
SUBMIT PICTURE: A pedestrian wearing a face mask trips an escalator near an overpass with an electronic board showing stock details, following a break out of the coronavirus illness (COVID-19), at Lujiazui financial district in Shanghai, China March 17,2020 REUTERS/Aly Song
Beijing reported exports increased 3.5%in April on a year previously, entirely confounding expectations of a 15.1?ll and exceeding a 14.2%drop in imports.
The surprise stired speculation the Asian giant might recuperate from its coronavirus lockdown quicker than first idea and support worldwide growth in the process.
The news helped some local markets stable after an unstable start with both Japan’s Nikkei N225 and South Korea KS11 back to flat.
MSCI’s broadest index of Asia-Pacific shares outside Japan.MIAPJ0000 PUS relieved 0.4%, led by a 0.3%dip in Chinese blue chips CSI300
E-Mini futures for the S&P 500 ESc1 fared much better with a bounce of 0.5%, while EUROSTOXX 50 futures STXEc1 and FTSE futures FFIc1 both firmed 0.2%.
Markets had begun carefully with restored Sino-U.S. tensions lurking in the background