BANGKOK – Shares surged Friday in Asia after China reported economic data that, while dismal, was better than expected.
The gains followed an overnight rally on Wall Street powered by buying of Amazon, health care stocks and other market niches that are thriving in the coronavirus crunch.
China reported its economy contracted 6.8% in January-March as the country battled the coronavirus. That is the worst performance since at least the late 1970s.
It's also not as bad as the double-digit declines some analysts had forecast, though the latest numbers suggest the recovery will be a slow one. “The March data add to broader signs that China’s economy is past the worst.