Asian markets bouyed by economic data

Asian stockmarkets rallied overnight on the back of positive data coming from the eurozone and China.

The Japanese Nikkei 225 index shrugged off its downward trend by jumping 2.2 per cent, aided by a weakening in the yen, which meant that exporters were the best performers.

The Australian stockmarket followed Japan’s lead by rising by 1 per cent, particularly led by a rally in mining stocks sparked by positive manufacturing data.

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However, the Chinese Shanghai Composite index bucked the trend, in spite of better than expected manufacturing data yesterday, slipping by 0.5 per cent on the day.

In spite of positive movements in Asia, European stockmarkets opened up slightly lower this morning, losing ground following the rally yesterday.