China sends global stocks on rally

Asian and European stocks churned higher today on strong Chinese trade data, building on the previous day's solid gains driven by soaring oil prices, while US stocks rose on upbeat bank earnings.
"Global stock markets were in better spirits on Wednesday after Chinese trade data and US corporate earnings surprised on the top side as oil prices made new 2016 highs," said CMC Markets analyst Jasper Lawler.
"Italy's Economy Minister saying the new rescue fund won't be blocked by the EU, bigger than expected profits at JP Morgan, and the oil price helping to subside fears over non-performing loans to the energy sector has improved the outlook for banks," he added.

Milan closed up more than 4 per cent, Madrid and Paris by more than 3 per cent, while Frankfurt gained 2.7 per cent and London 1.9 per cent.
Shanghai ended 1.4 per cent higher on the data and Hong Kong soared 3.2 per cent, while Tokyo spiked 2.8 per cent higher.
The share prices of energy and mining firms jumped because China is a leading global consumer of many commodities.

In London, Miner Anglo American won 11.1 per cent and peer BHP Billiton gained 9.2 per cent.
Energy major Royal Dutch Shell meanwhile added 2.3 per cent and BP gained 2.4 per cent.

On the downside, British supermarket Tesco shed 7.8 per cent after warning that profits would take a hit from its large investment in price-cutting.
Italian banking shares moved up across the board, and pulled up prices of stocks in lenders in other countries as well with better than expected results by JPMorgan Chase in the United States also helping sentiment.
In London shares in Standard Chartered soared 10.6 per cent, Barclays climbed 7.2 per cent and HSBC by 6.7 per cent.
Shares in Deutsche Bank jumped 9.9 per cent and Commerzbank 7.0 per cent in Frankfurt.
In France, shares in Societe Generale gained 7.8 and BNP Paribas 6.4 per cent.

China said exports rocketed by 11.5 per cent in March to USD 160.8 billion from a year earlier. That followed a 25-percent slump in February and marked a first gain in nine months, underlining optimism over the world's second biggest economy.
The solid outcome beat market expectations for a 10-per cent gain, according to economists polled by Bloomberg.
"The strong export growth had a lot to do with an easier comparison to last year due to the timing of Chinese New Year, yet this isn't a market that looks too intent on poking holes in much of anything," said Patrick O'Hare of Briefing.Com.