Asian Markets Rise

Chinese lanterns looking up

Asian markets are higher on the back of the rally in the U.S. stock market, and after Chinese Q1 GDP beat expectations.

Japan’s Nikkei is up 2%.

Australia’s S&P/ASX 200 is up 0.5%.

China’s Shanghai Composite is flat.

Hong Kong’s Hang Seng is up 0.5%.

While the latest data beat expectations it confirmed fears of China’s economic slowdown.

Q1 GDP was up 7.4% on the year, but down from 7.7% the previous quarter. Quarter-over-quarter GDP was up 1.4% or 5.7% annualized.

The Aussie dollar got a nice pop after the data beat expectations but pared some of those gains.

Audusd

Meanwhile, S&P futures are up 0.3% and NASDAQ futures are up 0.4%.