GLOBAL MARKETS-Asia gets China trade boost, bitcoin shoots for the stars

GLOBAL MARKETS-Asia gets China trade boost, bitcoin shoots for the stars
From Reuters - December 7, 2017

SYDNEY (Reuters) - Asian shares rallied for a second session on Friday as economic news from China and Japan beat all expectations, and investors marveled at the meteoric ascent of the markets new crypto-star, bitcoin.

Beijing reported exports surged 12.3 percent in November from a year earlier, more than double the forecast, while imports climbed almost 18 percent.

Iron ore and copper imports enjoyed a stellar rebound, which might help stem a recent pullback in commodities prices.

Japan's Nikkei .N225 led the way as the yen eased on the dollar, rising 1.1 percent on top of Thursday's 1.45 percent bounce to be almost back where it started the week.

Revised data showed Japans economy growing twice as fast as first thought as business spending jumped.

Australian stocks put on 0.3 percentwhile MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.6 percent.

Bidders were encouraged by a steadier performance on Wall Street, where the Dow .DJI rose 0.29 percent. The S&P 500 .SPX gained 0.29 percent and the Nasdaq .IXIC 0.54 percent.

Still to come was U.S. non-farm payrolls, with investors looking for 200,000 new jobs in November and much talk wages might show some welcome strength.

Also on the radar are negotiations between the United Kingdom and Ireland on how to run their post-Brexit land border, where a deal could remove the last obstacle to opening free-trade talks with the European Union.

Speculation about an agreement saw sterling rebound sharply overnight to reach $1.3474 GBP=, having been as low as $1.3320 at one point.

It was one of only a few currencies to gain on the U.S. dollar, which was otherwise broadly firmer.



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