- Global shares were on track to post their longest winning run in five months as they rose for a sixth straight day on Wednesday, boosted by upbeat trade data from China and a U.S. House deal extending the federal borrowing authority.
Chinese exports and imports outperformed expectations in January by a wide margin, easing fears that the world's second largest economy is mired in a worsening slowdown and reviving appetite for emerging market assets that had been battered in recent weeks.
The cheer spread to Europe, one of China's largest trading partners, where the FTSEurofirst 300 index rose 0.6 percent. Mini futures on the S&P 500index were pointing to a flat start on Wall Street after Tuesday's rally.
MSCI's index of emerging market stocks added 0.9 percent , extending its bounce from five-month lows hit earlier this month. The Australian dollarrose to a one-month high on the prospect of stronger demand from China, Australia's largest export market.
The broader MSCI All-Country World Index was up 0.3 percent in its longest winning streak since September.
"Our analysis suggests that emerging market equities are discounting an outcome substantially below current consensus forecasts, so of course a better-than-expected outcome is going to help the case," said Ian Scott, a global equity strategist at Barclays in London.
Investors also took heart from a strong share market performance in the United States, where Congress agreed to advance legislation extending U.S. borrowing authority and the Federal Reserve's new chief pledged to keep interest rates at ultra-low levels for longer.
Source: reuters
Chinese exports and imports outperformed expectations in January by a wide margin, easing fears that the world's second largest economy is mired in a worsening slowdown and reviving appetite for emerging market assets that had been battered in recent weeks.
The cheer spread to Europe, one of China's largest trading partners, where the FTSEurofirst 300 index rose 0.6 percent. Mini futures on the S&P 500
MSCI's index of emerging market stocks added 0.9 percent , extending its bounce from five-month lows hit earlier this month. The Australian dollar
The broader MSCI All-Country World Index was up 0.3 percent in its longest winning streak since September.
Investors also took heart from a strong share market performance in the United States, where Congress agreed to advance legislation extending U.S. borrowing authority and the Federal Reserve's new chief pledged to keep interest rates at ultra-low levels for longer.
