Asia shares inch up as sound Chinese data buoys bulls

Sydney — Asian shares crept higher on Monday as Chinese economic data surprised on the high side, challenging assumptions the giant economy was locked into in a downturn though falling mainland house prices remained a nagging worry.

Economists at CBA argued there is a chance the People’s Bank of China will cut bank reserve requirements this week to support activity. Japan’s Nikkei gained 0.5% as data showing economic activity shrank more than expected in the third quarter only reinforced the case for aggressive fiscal stimulus.S&P 500 futures firmed 0.1%, while Nasdaq futures added 0.2%. Euro Stoxx 50 futures and FTSE futures were both off 0.1%.

A key release this week will be US retail sales on Tuesday for any impact from the drop in consumer sentiment to a decade low reported for November as people fretted over higher prices, particularly for petrol. The grim survey helped Treasuries steady a little, but yields were still up a hefty 11 basis points for the week as the market priced in a greater risk of an early tightening by the Federal Reserve.

“Covid-19 infection curves moving in the wrong direction are part of the reason, while renewed restrictions are being imposed in Austria and the Netherlands,” said Ray Attrill, head of FX strategy at NAB.European Central Bank president Christine Lagarde will appear before the European parliament later on Monday.

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