All the day’s economic and financial news, as new Chinese trade figures beat expectations
- Chinese imports surge by 18.7%, suggesting strong demand
- US surplus hits record high, but trade with North Korea tumbles
- MSCI World Index hits new peak
- FTSE 100 hit new closing high last night
- Coming up: US inflation; IMF meeting
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 –
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.
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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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.