Asian Shares Rebound On Robust Chinese Data

Asian stocks rebounded on Friday after recent heavy losses, as investors cheered media reports suggesting that the U.S. Treasury Department has not labeled China as a currency manipulator in an internal report.

Sentiment was also bolstered after data showed Chinese exports have held up well so far despite escalating trade tensions with the U.S.

Chinese exports logged double-digit growth in September, figures from customs administration revealed.

Exports grew 14.5 percent year-on-year in September, faster than the 9.8 percent increase seen in August. Imports advanced an annual 14.3 percent, resulting in higher trade surplus around $32 billion in September.

China’s Shanghai Composite Index climbed 23.45 points or 0.9 percent to 2,606.91, while Hong Kong’s Hang Seng Index jumped 535.12 points or 2.1 percent to 25,801.49.

Japanese shares finished modestly higher as the yen held broadly lower and data showed Chinese exports unexpectedly strengthened in September.

The Nikkei 225 Index fell over 1 percent earlier in the day before reversing direction to end the session up 103.80 points or 0.5 percent at 22,694.66.

However, for the week, the index lost 4.6 percent, marking its biggest weekly drop since March. The broader Topix Index ended the day marginally higher at 1,702.45.

Industrial machinery and construction equipment makers rallied as strong Chinese data helped ease worries about slowing Chinese demand. Yaskawa Electric soared 5.6 percent, Komatsu gained 2.3 percent and Hitachi Construction Machinery added 2.7 percent. Energy stocks fell, with Japan Petroleum tumbling 2.8 percent.

Australian stocks recovered from a weak start to finish modestly higher as soft U.S. inflation data helped ease fears over aggressive Federal Reserve interest rate hikes and Chinese export data for September came in well above expectations.

The benchmark S&P/ASX 200 Index inched up 11.90 points or 0.2 percent to 5,895.70, while the broader All Ordinaries Index ended up

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