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China shares jump despite weak economic data | China shares jump despite weak economic data |
(about 2 hours later) | |
Shares in mainland China jumped on Monday despite the world's second largest economy reporting weak export data over the weekend. | Shares in mainland China jumped on Monday despite the world's second largest economy reporting weak export data over the weekend. |
The country's exports fell by 8.3% in July, far worse than expected and the producer price index was down 5.4% from a year earlier | The country's exports fell by 8.3% in July, far worse than expected and the producer price index was down 5.4% from a year earlier |
However, the benchmark Shanghai Composite ended up 4.9% at 3,928.42. | |
Investors were trading on the expectation of yet another round of stimulus policy. | Investors were trading on the expectation of yet another round of stimulus policy. |
In Hong Kong, the Hang Seng index failed to pick up on the mainland's optimism and closed down 0.1% at 24,521.12. | |
In Japan, the Nikkei index was higher, closing 0.4% higher at 20,808.69. | In Japan, the Nikkei index was higher, closing 0.4% higher at 20,808.69. |
In Australia, the S&P/ASX 200 index rose 0.6% to 5,509.20. | In Australia, the S&P/ASX 200 index rose 0.6% to 5,509.20. |
However, shares in medical company Ansell fell by more than 15% after the company gave a downbeat outlook. It said it was expecting strong headwinds from tough global economic conditions and the stronger US dollar. | However, shares in medical company Ansell fell by more than 15% after the company gave a downbeat outlook. It said it was expecting strong headwinds from tough global economic conditions and the stronger US dollar. |
In South Korea, the Kospi index closed down for a third consecutive session, finishing 0.4% lower at 2,003.17. | In South Korea, the Kospi index closed down for a third consecutive session, finishing 0.4% lower at 2,003.17. |
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