Premarket: Asia comforted by China data, Europe uninspired

World stocks inched higher after a raft of Chinese data beat expectations on Wednesday and though benchmark bond yields and the Aussie dollar did the same, Europe struggled to join in.

Investors have been counting on better news from China and were not disappointed with first-quarter economic growth pipping forecast at 6.4 percent. Allianz Global Investors strategist and portfolio manager Neil Dwane said the data had good enough to allay fears China’s economy was collapsing although the rest of the year remained in question.

Against a basket of major currencies, the dollar was a tad weaker at 96.908 but still within the 95.00 to 97.70 range that has held for the past six months. Oil prices were buoyed again as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply.

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