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Asia stocks rally as China data buoys mood; dollar stays strong

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Asian stocks rose strongly on Friday, extending a global equity rally, after better-than-expected Chinese economic data added to the good vibes from expectations that tightening campaigns by the world's biggest central banks were close to over. The dollar stuck close to a six-month peak from overnight against major peers, buoyed by robust U.S. economic data, while the euro sagged following the European Central Bank's signal that Thursday's rate hike was probably the last this cycle. Chinese gauges of retail sales and industrial output for August handily topped economists forecasts, providing additional tailwinds from the central bank's decision overnight to cut banks' reserve ratio requirements for a second time this year.

Passersby are reflected on an electric stock quotation board outside a brokerage in TokyoTOKYO - Asian stocks rose strongly on Friday, extending a global equity rally, after better-than-expected Chinese economic data added to the good vibes from expectations that tightening campaigns by the world's biggest central banks were close to over.

Chinese gauges of retail sales and industrial output for August handily topped economists forecasts, providing additional tailwinds from the central bank's decision overnight to cut banks' reserve ratio requirements for a second time this year. "It's a nice little shot in the arm to end the week" for stock markets, but "I think investors will be searching for more in terms of support from the central government, and ultimately, more fiscal support is what's required to boost demand," he said.The overall improving economic outlook bolstered the Chinese yuan, which gained about 0.3% to 7.2709 per dollar in offshore markets.

The so-called U.S. dollar index edged down 0.08% to 105.33, after hitting the highest since early March at 105.43 on Thursday.

 

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