Asia shares up as plans to re-open U.S economy offset record slump in China GDP [Reuters]
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Source: Reuters
Asia shares up as plans to re-open U.S economy offset record slump in China GDP TOKYO/NEW YORK (Reuters) - Asian stocks gained on Friday as President Donald Trump’s plans to gradually re-open the U.S. economy offset data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 2.6% after reaching a five-week high. Shares in China .CSI300 rose 1.8% as the weak GDP data reinforced expectations that more stimulus is coming, while shares in Australia were up 2.62%. E-Mini futures for the S&P 500 index ESc1 traded 3.38% higher, also close to a five-week high. Data from China showed the world’s second-largest economy shrank for the first time since at least 1992 because of the coronavirus outbreak and tough containment measures. Gross domestic product contracted 6.8% in the quarter year-on-year, slightly more than expected, and 9.8% from the previous quarter. Retail sa
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