World markets hits fresh highs as Chinese imports surge – business live

All the day’s economic and financial news, as new Chinese trade figures beat expectations

The oil price has jumped this morning, as the markets react to China’s 18.7% surge in imports.

Brent crude has jumped by 1.5% to $57.07 per barrel, with traders anticipating higher demand for energy.

Best/worst performers –
Commodities today:
Oil – US Crude: 1.2%
Oil – Brent Crude: 1.1%
Spot Gold: 0.2%
Spot Silver: 0.2% pic.twitter.com/KwgdRsvbWJ

Buoyancy among commods, esp iron ore and copper helping, after China trade numbers. Risk is a USD pop this afternoon after US CPI

China’s trade with North Korea slumped in September, according to today’s trade data, in a sign that United Nations sanctions against Pyongyang are being implemented.

Chinese imports from North Korea fell by almost 38%, including imports of iron ore and coal according to customs spokesman Huang Songping. Chinese exports to North Korea also fell, by 6.7%. More details here.

Today’s Chinese trade data might irk Donald Trump. According to Reuters, China’s trade surplus with the US has hit an all-time high.

Reuters reports:

China’s trade surplus with the United States in September rose to $28.08 billion versus $26.23 billion last month, Chinese customs data on Friday showed.

The surplus was the highest ever with the U.S. for any single month, based on Reuters calculations based on official data going back to 2008.

The strong Chinese trade data sent MSCI’s All-Country World Share index up to a new peak, at 494.84 points.

The index, which tracks equities across the globe, has been rising steadily this year:

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#China Sep exports +8%yoy (from 5.5% in Aug), imports +19%yoy (from 13.5% in Aug)…tells us that domestic demand and global demand is solid pic.twitter.com/7oSE1uoIrS

Huang Songping, spokesman for the Customs department told a press conference on Friday that trade for the first three quarters improved due to a recovery in overall global and domestic economic environment. There has been a return in global demand, he added.

Barring unforeseen events, China’s will post double-digit growth in foreign trade this year, said Huang.

“It seems the global demand is still there to support the demand for Chinese exports.”

This morning’s Chinese trade data was fairly supportive of a fairly robust domestic economy.

#Japan | Nikkei225 finished up 200 points at 21,155 highest closing level since Dec’96. Going to need a lot moar scandals to get back to 40k pic.twitter.com/NybfRIAcwn

Related: FTSE 100 soars to record closing high following Brexit talks deadlock

Today’s @TimesBusiness front page: Brexit pushes FTSE to new high https://t.co/mwegRIMolZ pic.twitter.com/aAYCdPLWHP

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