Stock markets rise as China data beats forecasts

Stock markets mostly rose on Tuesday as better-than-expected Chinese trade data lifted the economic gloom wrought by the coronavirus pandemic.

Oil prices fell, despite US President Donald Trump claiming that producers were mulling a global daily output cut of 20 million barrels.

And the dollar dropped against main rivals, helping to push gold above $1,700 an ounce -- the highest level for more than seven years -- traders said.

"Markets continue to react in an odd way, mostly ignoring all the bad figures that have come their way and focusing on the positives, such as the China figures," said Chris Beauchamp, chief market analyst at IG trading group.

Asian stock markets kicked off the day with gains after official data showed Chinese exports fell 6.6 percent and imports slid 0.9 percent in March on a yearly basis.

But Julian Evans-Pritchard of Capital Economics warned "the worst is still to come" for China's export businesses, with more economic headwinds likely in the months ahead as major trading partners battle their coronavirus outbreaks.

Investors will now await the release of China's quarterly GDP figures on Friday, with forecasters predicting a 6.2-percent contraction.

Shanghai's main stocks index finished 1.6-percent higher and Hong Kong returned from a four-day break to close up 0.6 percent Tuesday.

"The data coming out of China is a rough leading indicator for the rest of the world," noted Jasper Lawler, head of research at London Capital Group.

"The smaller exports drop is a clue that China's first-quarter growth figures released on Friday could also surprise on the topside."