Premarket: Global shares rise on data boost from U.S., China

Global shares rose on Monday, aided by data showing profits at Chinese industrial firms grew for the first time in four months and a strong reading of U.S. first quarter growth data last week.

Shares in Italian banks got a boost and Italian government bonds rallied after S&P Global affirmed Italy’s sovereign credit rating. Chinese blue-chips rose over 1 per cent after losing 5.6 per cent last week, leading Shanghai shares .SSEC to an intraday high in afternoon trade. Nomura FX strategist Jordan Rochester noted last week’s U.S. GDP was driven by a surge in inventories, government spending, and a big contribution from net trade. “None of those are likely to be sustained, hence why market reaction was limited,” he said in a note to clients.

In contrast with weakness in Asian markets last week, Wall Street ended Friday on a high note, propelled by the GDP figures.

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