Asian Stocks Move Higher As Investors Ignore Latest Concerning Data Out Of China
Asian stocks were mostly higher on Monday despite a fresh round of concerning data coming out of China.
According to Reuters, China's National Bureau of Statistics (NBS) said on Saturday that the country's April factory output rose 6.0 percent year-over year, short of the 6.5 percent growth expected. In addition, fixed investment by private firms for the period January through April rose 10.5 percent, short of the 10.9 percent expected. Finally, April retail sales rose 10.1 percent, short of the 10.5 percent expected.
The NBS said in its report, "Because the total amount of private investment is relatively large, the continued slowdown could restrain stable growth, and requires a high degree of attention."
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Nevertheless, investors brushed off the NBS' data as China's Shanghai index and Hong Kong's Hang Seng index both gained 0.84 percent.
India's Mumbai Sensex index gained 0.64 percent, Australia's ASX index gained 0.44 percent, Japan's Nikkei index gained 0.33 percent and Taiwan's TSEC index gained 0.17 percent.
On the other hand, European stocks were trading mostly lower with more than four hours remaining. France's CAC index was lower by 0.85 percent while the UK's FTSE index was lower by 0.36 percent.
Germany's stock market was closed for Whit Monday.
Oil prices were trading higher Monday morning in reaction to output disruptions in Nigeria and a report by analysts at Goldman Sachs that argued the oil market has transitioned into a deficit after two years of being oversupplied.
Brent crude futures and U.S. WTI crude futures were each trading higher by more than 2 percent at $48.83 a barrel and $47.19 a barrel, respectively.
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