All Asian stock markets were trading higher on Friday (12 August). The Shanghai Composite was up 1.37% at 3,043.78 as of 6.46am GMT, following a positive Wall Street close overnight amid a rebound in oil prices.
The bullish trend was despite disappointing Chinese data. Fixed asset investment, retail sales and industrial output of the world's second-largest economy had all increased year-on-year but were below expectations.
China's fixed-asset investment in the year to July grew at the slowest rate in more than 16 years: 8.1% year-on-year, lower than the expected 8.8%. Retail sales for the month of July grew 10.2%, lower than June's 10.6% and below the forecast 10.5%.
China also reported that its industrial output grew 6% on-year which was not only lower than June's 6.2%, but was also lower than the forecast 6.1%.
"Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors. Industrial commodities rose, led by oil, and overnight trading displayed 'risk on' characteristics despite the lack of an obvious trigger. Important data from China may change the course of the trading day," Michael McCarthy, chief market strategist at CMC Markets, was quoted as saying by Reuters.
Indices in the rest of Asia traded as follows on 12 August at 7.02am GMT:
|Hong Kong||Hang Seng Index||22,757.03||UP||0.78%|
Overnight (11 August), the Dow Jones Industrial Average closed at 18,613.52, up 0.64%, while the FTSE 100 closed at 6,914.71, up 0.70%
Among commodities, oil prices gained after a Saudi Arabia oil minister hinted that the world's largest oil producer could take actions to stabilise prices. While WTI crude oil was trading higher by 0.74% at $43.81 (£33.81) a barrel, Brent crude was trading 0.50% higher at $46.27 a barrel as of 7.10am GMT.