Name: Stocks gain on China trade data, easing pandemic worries
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Stocks gain on China trade data, easing pandemic worries

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By NEW YORK (Reuters) - Equity markets rallied globally on Tuesday as Chinese trade data defied expectations of a deep downturn as a result of the coronavirus pandemic, igniting hopes that world economies can soon recover and removing the safe-haven allure of the greenback.Oil prices fell more than 6% as investors doubted that record supply cuts by the Organization of the Petroleum Exporting Countries and other producers would soon balance markets pummeled by the pandemic’s blow to demand.Gold soared nearly 2% and hit its highest since late 2012 as investors piled in to hedge against potential inflation and currency debasement resulting from massive central bank and government stimulus measures around the globe.Data showed that China’s exports fell only 6.6% in March from a year ago, far less than the expected 14% plunge. Imports fell 0.9% compared with expectations for a 9.5% drop.Stocks rallied around the globe on the Chinese data and signs that sweeping lockdowns to contain the spread of the coronavirus were working. Still, the World Health Organization warned the epidemic has not yet peaked.The rally on Wall Street shows investors are not concerned about current results as the corporate earnings season gets underway but are focused on the long-term value of each company’s franchise, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.“Is it an all-clear signal?” said Ghriskey. “No, because I have difficulty in believing the market fully recovers until the timing of the economic recovery is visible, and we just don’t know that timing.”Oil prices remain more than 50% lower this year.Commitments to cut global output by about 19.5 million barrels a day, including voluntary cuts that will happen gradually in places like the United States, will not be enough to reduce the growing worldwide supply glut, analysts said.Reporting by Herbert Lash; Editing by Leslie Adler and Dan GreblerOur Standards:

By NEW YORK (Reuters) - Equity markets rallied globally on Tuesday as Chinese trade data defied expectations of a deep downturn as a result of the coronavirus pandemic, igniting hopes that world economies can soon recover and removing the safe-haven allure of the greenback.Oil prices fell more than 6% as investors doubted that record supply cuts by the Organization of the Petroleum Exporting Countries and other producers would soon balance markets pummeled by the pandemic’s blow to demand.Gold soared nearly 2% and hit its highest since late 2012 as investors piled in to hedge against...

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Herbert Lash

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Stocks gain on China trade data, easing pandemic worries

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