Overseas Trading: Oil, U.S. Stocks Boost Asia

A rally in bank and property stocks overshadowed weak economic data in China

by Karee Venema

Published on Aug 12, 2016 at 8:42 AM
Updated on Jun 24, 2020 at 10:16 AM

Asian stocks rose today, after rising oil prices sparked a record-setting session in the U.S. China's Shanghai Composite outperformed its regional peers, tacking on 1.6% as bank and property stocks rallied amid continued optimism surrounding the Shenzhen-Hong Kong exchange trading link. This helped to overshadow a weak batch of economic data in Beijing, with industrial output and retail sales missing consensus estimates, and new credit increasing at its slowest pace in two years.

Elsewhere, Japan's Nikkei tacked on 1.1%, as a cooling yen boosted exporters. Hong Kong's Hang Seng added 0.8%, while South Korea's Kospi edged up 0.1%.

Most European benchmarks have ticked higher at midday, as traders digest China's disappointing economic data and the latest batch of gross domestic product (GDP) reports. Specifically, while second-quarter GDP for the eurozone arrived in line with estimates, it fell to 0.3% from the first-quarter rate of 0.6%. At last check, London's FTSE 100 is up 0.1%, and the French CAC 40 is 0.04% higher. The German DAX, however, is down 0.1%, despite a better-than-expected reading on second-quarter GDP.

Overseas Trading August 12

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