Asian stocks surged on Thursday following signs of growth in the Chinese economy and good news coming from the US job market. The Shanghai Composite Index rose by nearly 1,5 %, followed by the MSCI Asia Pacific Index. This comes as as a relief for investors, indicating that measures taken by the Central banks are leading to positive results.
China's commodity sensitive assets are seeing substantial growth according to the National Bureau of Statistics in Beijing. Although, the third-quarter gross domestic growth slowed down to only 7.4 %, the industrial output rose to 9.2 %, which is higher than expected. Further to that, retail sales increased to 14.2 % in September compared to a year earlier. The Australian dollar also reached a two week high as it is highly correlated to the Chinese economic performance.
According to Rio Tinto Group, economic growth in China will further accelerate toward the end of the year.