Overseas Trading: Oil Bounce, China Lift Global Markets

Better-than-expected import and export data out of China is serving as a catalyst higher

Jan 13, 2016 at 8:39 AM

It was a mostly upbeat finish in Asia today, with energy stocks rallying on stabilizing oil prices and traders cheering better-than-expected trade data out of China and a stabilizing yuan. Japan's Nikkei led the way higher, soaring 2.9% amid reports that Samsung Electronics may join Sharp and Hon Hai Precision Industry in an LCD panel venture, as well as a cooling yen. Meanwhile, South Korea's Kospi gained 1.3% and Hong Kong's Hang Seng added 1.1%. However, China's Shanghai Composite fell 2.4% -- just a day after bucking the regional trend south -- and settled below 3,000 for the first time since last August.

Rebounding crude futures and easing fears surrounding China are also lifting European markets. At last check, the French CAC 40 was up 1.5%, following a rebound in consumer prices last month. Elsewhere, London's FTSE 100 and the German DAX have tacked on 1.1% and 1%, respectively.

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