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World stocks higher following better-than-expected Chinese GDP

  • Global equities are mainly higher on relief that the slowdown in China's economy in Q1 wasn't as bad as expected, with GDP of +7.4% topping consensus of +7.3%. The data helped offset nervousness about the continuing escalation in eastern Ukraine.
  • The Nikkei experienced yet another sharp move, this time jumping 3% following recent heavy selling. "Japanese shares are rebounding from recent declines because of the yen and U.S. share gains, while Alibaba is supporting technology companies," says market strategist Ayako Sera. Yesterday, Yahoo reported that Alibaba's Q4 net profit surged 110% to $1.35B. That helped boost shares in major Alibaba shareholder Softbank by 8.5%.
  • Elsewhere in Asia, Hong Kong +0.1%, China +0.2%, India -0.5%.
  • Euro Stoxx 50 +1.1%, London +0.3%, Paris +1.1%, Frankfurt +1%, Milan +2%, Madrid +1.3%.
  • U.S. stock futures: Dow +0.5%. S&P +0.5%. Nasdaq +0.6%
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