Asia markets rise as China activity data beats expectations

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Asia Pacific

Asia markets rise as China activity data beats expectations

Asia-Pacific markets are climbing this morning, bolstered by a host of positive economic data in China. Retail sales grew by 4.6% in August from a year ago, beating expectations for 3% growth forecast. Industrial production grew by 4.5% in August from a year ago, better than the 3.9% forecast. Oil prices are also rallying to 10-month highs following these data. China's economic rebound from the pandemic has slowed this year, dragged down by a real estate slump. Exports, another key driver of China's economy, have also dropped significantly.