FXstreet.com (Barcelona) - Asian markets posted moderate gains on Thursday, on news that Chinese economy is not being as seriously affected by the global economic downturn and increased confidence on Chinese Government's measures to support its economy.
Chinese manufacturing activity seems to have contracted at a slower than expected pace, while bank lending has rebounded considerably in the last month, which has added optimism about the positive effect of the stimulus measures applied by most governments.
Hong Kong's Hang Seng Index has risen 3.0% on optimism on Chinese economic health, while the Shangai Composite Index has risen 1.8%. Japan Nikkei 225 Stock Average fell 1.%.
Currencies have hardly moved, with majors trading in a Narrow range, the EUR/USD has been trading between 1.28 and 1.2870, while the GBP/USD moved from 1.4470 to 1.4370 ahead of the Bank of England's monetary policy statement. The USD/JPY haas moved up about 50 pips to 89.71, approaching Wednesday's high at 89.78.