The Chinese economic data brought a surprise and pushed the Asian shares on the higher side. Annual growth was clearly noticed in the industrial output and retail sales. The MSCI's broadest index of Asia-Pacific shares outside Japan made a gain of about 0.4% and the Chinese blue chips also hinted at complete stability. Japan's Nikkei rose by 0.5%. Wall Street was completely stable, and the Nasdaq futures managed to add 0.2%. According to the analysts of BofA, in the latest reporting season about 75% of US companies had surpassed earning estimates. The higher US yields have extended some benefit to the Dollar that stood at its best place in almost three-month. The dollar was standing at 95.017 against the basket of currencies.
The traders are waiting for fresh clues before taking any further step. Due to stability in the market, the investors are showing signs of confidence. The Euro also managed to rise by about 0.13% and was standing at $1.1457. Sterling made a gain of 0.19% to $1.3434. It is continuously recovering, which is a good sign. Even the risk-sensitive Australian dollar made a gain of 0.17% due to high industrial output readings in China. A virtual summit will take place between the Chinese and US leaders. The investors are anxiously waiting for any development.
The pan-European STOXX 600 index made a gain of 0.3% and touched a new peak of 486.75 points. It managed to gain 0.7% for the week. In four out of the five sessions, it managed to finish at record highs. After surging for about 10.9%, Richemont emerged as the best performing European stock. Moreover, it also managed to beat the six-month profit estimates. Franceâ€™s LVMH extended a major boost to the luxury sector. It rose by 2.5% on the basis of news that Louis Vuitton is likely to open its first duty-free store in China. After Morgan Stanley upgraded the stock, the noted vehicle maker Renault jumped by 4.4%. The French blue-chip shares also performed impressively and finished the week at all-time highs. The Italian infrastructure firm Atlantia also rose by 1.7%. Similarly, the Dutch oil and chemical storage group Vopak rose by 1.2%.
As the demand continues to grow, and the companies are securing large orders. The earning season is clear proof that the economic conditions in most nations are stable. The post-pandemic economic revival is helping many commercial organizations to establish themselves. Now, the travel and leisure stocks have also become stable. Sectors such as mining are performing impressively. The gold was standing at $1,860 an ounce after registering its biggest weekly gain since May.
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