Shares hit 1-wk high after China data lift, euro climbs
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World shares edged up to their highest level in a week on Wednesday after Chinese trade data pointed to a steady recovery of the world's second largest economy.
China reported a mild trade deficit of $884 million in March as a 14.1 percent year-on-year surge in imports eclipsed export growth of 10 percent, signalling that domestic demand was gathering the pace needed to drive economic recovery.
Haibin Zhu, chief China economist at JP Morgan, said the boost to imports could help dispel a major concern over trends in domestic demand that had been prompted by weakness of import growth in previous months.
"The stronger than expected import growth for March suggests this cycle is probably coming to a turning point," Zhu said. "If domestic demand turns out to be stronger than expected, it's definitely positive for the economic outlook."
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