Asian stocks rallied, pushing the benchmark to five-month highs. Asian currencies also typically rose on a day that saw copper prices rally. The good news from China and in particular the acceleration of the economy of the People's Republic supported the markets
The MSCI Asia Pacific index was up 0,2% as of 2:32 am in Tokyo, as the Australian Stock Exchange hit a five-year high. On the currency front, the South Korean won hit a nine-month high and the Chinese yuan hit a twenty-year high.
What galvanized the markets was the data on Chinese gross domestic product which expanded by 7,8% in the last quarter, reversing its course after two quarters of slowdown. Industrial production also grew, by 10,2% in September compared to 10,4% in the previous year and retail sales rose by 13,3% (13,4% was the corresponding figure last year).
Also noteworthy are the statements by the president of the Federal Reserve Bank of Chicago, Charles Evans, according to which the government should not continue its policy of stimulating the economy.
The Shanghai Composite rose 0,4% while the Hang Seng rose 0,7%. Australia's S&P/ASX 200 jumped 0,7%, heading for its biggest gain since June 2008.
