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Asian markets are trading up by a little more than 2%, helped by the strong gains seen in the U.S. session and by the economic reports coming out of China.
The global market seems to have entered in a bull-rally following Goldman and Intel’s better than expected quarterly results. On Wednesday, European and U.S. markets closed the day up by almost 3%, while now Asian markets have already gained 2%. Moreover, every major stock market in the Asian region is currently trading in the green tonight, TheLFB-Forex.com Trade Team said.
Further investor’s optimism might have been sparked by the Chinese GDP, which expanded 7.9% throughout the second quarter. This was the first time in almost two years when the Chinese GDP expanded at a stronger pace than in the previous quarter, TheLFB-Forex.com Trade Team said. Since the beginning of the credit crisis, China has been seen as the main engine of the global economy, since it has been said that China would sustain the demand side for products and services from developed countries. However, until now, it looks like the Chinese demand has been seen only in the commodity market, since almost every other product or service can be found in the mainland. Moreover, it seems that the Chinese stock market has become once again the second largest in the world, overtaking the Japanese one.
Only a hand full of stocks declined in the Japanese Nikkei, while all the other shares are trading in the green. The biggest gains were seen in the machinery sector, as investors consider that the demand from the U.S. economy is likely to pick up once again. At the same time, car and steel makers advanced after Toyota and Mazda announced a strategic partnership.
Overnight, the Japanese Nikkei added 205.79 points (2.22%) to 9,475.04. The Australian S&P/Asx rose 86.80 points (2.21%) to 4,011.30
Crude oil for August delivery was recently trading at $61.50 per barrel, lower by $0.10.
Gold for August delivery was recently trading higher by $2.60 to $936.80.
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