Asian shares firm as China's GDP raises hopes of recovery

SHANGHAI: Asian shares rose on Friday after global stock indexes and Wall Street posted more records, and as China's economic growth matched expectations in spite of U.S. trade pressures.

Recent data has pointed to an improvement in Chinese manufacturing and business confidence as trade tensions eased, but analysts are not sure if the gains can be sustained and Beijing is widely expected to roll out more stimulus measures.Advertisement While a Phase 1 deal signed by China and the United States on Wednesday is seen as defusing the 18-month row that has hit global growth, experts say it is unlikely to provide much balm for broader frictions between the two countries. Most of the tariffs imposed during the dispute remain in place and a number of thorny issues that sparked the conflict are still unresolved.

In the United States on Thursday, a combination of upbeat earnings from Morgan Stanley, rising U.S. retail sales, a strong labor market and robust manufacturing data helped to lift Wall Street to record highs. The U.S. data supported the dollar, which held steady on Friday. The greenback hit eight-month highs against the yen before trimming its advance to rise 0.05per cent to 110.20. The euro was little changed at US$1.1136.

Source: News Formal (newsformal.com)

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