Surprise rise in Chinese exports boosts shares in Europe and Asia – business live

China’s trade surplus shrinks to $45bn in July

8.58am BST

Despite the recovery in global shares, which comes after
heavy selling earlier this week, gold – considered a safe-haven
asset in times of turmoil – is still hovering near $1,500 an
ounce. Spot gold is currently at $1,498 an ounce.


Gold rose through $1,500 an ounce
yesterday afternoon for the
first time since 2013, taking the metal’s gains this year to
17%.

8.50am BST

Back to the Chinese trade data.

Lu Yu, a portfolio manager at Allianz Global Investors, said a
weaker Chinese yuan against the US dollar and other currencies has
helped Chinese manufacturers to sell their goods overseas – even
though the US imposed a 25% tariff on $200bn of Chinese goods in
May.

is helping the exporters in China to export not just to the US
because it dampens the impact of the tariff hike, but also help
them to export to other countries.

Global stocks rose as investors take
comfort in China trade data, Yuan fix. China fixed Yuan beyond
7/Dlr but not as weak as feared. Oil rebounds on expectations
producers may cut supply. Recession talks fuels rush to bonds w/US
10y yld at 1.72%. Gold breaks $1.5k, Bitcoin $11.9k pic.twitter.com/3Aq8XwnRsr

Source: FS – All-News2-Economy
Surprise rise in Chinese exports boosts shares in Europe and Asia – business live