SYDNEY - Asian shares started on a firm footing on Monday and the dollar eased as risk appetite was whetted by better-than-expected data from China that helped boost confidence about the health of the world economy.
There have also been worries that weakness in key economies, including China, could spread to other countries, especially if elevated trade tensions between Beijing and Washington escalated further. “A sustained improvement in the data will be important before confidence is restored. In the meantime, policymakers remain committed to setting ‘growth friendly’ monetary and fiscal policies.”
“We expect a relatively market-friendly U.S.-China deal,” Bank of America Merrill Lynch global economist Ethan Harris said in a note. “In our view, market and political concerns will constrain future fights. Think ‘skirmishes’ rather than ‘major battles.’” All that positive news boosted Wall Street on Friday with the Dow jumping 1 percent, the S&P500 climbing 0.7 percent and the Nasdaq adding 0.5 percent.
The common currency was also supported by encouraging data from the euro zone where industrial output in February declined by less than expected.
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