Tech stocks help Global markets shake off China blues

Global shares bounced on Tuesday, led by technology names across the region and as Chinese markets clawed back ground lost after disappointing economic data, while the improved investor confidence weighed on the safe-haven dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.05%. It is up about 6% since its 12-month low hit on Oct. 5, largely in line with a similar rally in world shares following a strong opening to the U.S. earnings season.

Futures also rose a little, suggesting a positive open to the European session. Pan-region Euro Stoxx  futures and FTSE futures both rose 0.13% while S& 500 gained 0.14%.

Technology stocks were at the forefront of Tuesday’s gains in Asia, in line with moves in U.S. counterparts. The Hong Kong benchmark rose 1.26% with the tech sub-index jumping 2.4%.

Japan’s Nikkei 225 gained 0.59, with technology investor SoftBank Group leaping 3%.

Analysts said a Wall Street rally overnight which saw Apple, Facebook, and Microsoft all rising was behind Asian tech share’s strong day.

Chinese shares also rose, clawing back losses a day after the country reported its weakest economic growth in a year.

“Though China’s economic data is disappointing, the equity market is unevenly supported by certain sectors. Insurance and tech shares have rebounded from the previous decline, while health care and energy have gained with renewed domestic COVID outbreak and high coal prices,” said Gary Ng, a senior economist at Natixis in Hong Kong.

The FTSE MIB climbed up by 0.11% to 26,287.20. In the cash markets, the DAX  Germany was trading up 0.07%  to 15,465.65. CAC 40  in France fell by 0.03% to 6,671.37 while the FTSE 100  in the U.K. was down by 0.03% to 7,203.35. at the time of writing.

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