Asian shares soar as plans to re-open U.S. economy aid weak China GDP

Asian stocks recorded a well-ended session on Friday. The upbeat performance was mainly from President Donald Trump’s decision of reopening the U.S. economy, completely supporting the frail gross domestic product of China.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced with a 2.6% gain. This followed after the index hit a five-week high record. China shares (CSI300) hiked 1.8% as GDP figures boosted expectations that more stimulus will be implemented.

S&P 500 E-Mini futures increased 3.38% while Australian shares soared up to 2.62%.

The virus pandemic and lockdown restrictions posed a sharp downturn as figures from China indicated that the world’s second-biggest economy diminished for the first time since 1992. The gross domestic product reversed by up to 6.8% in the quarter year-on-year. It placed above expectations but still way lower than the initial record of 9.8% from the previous quarter.