Trump’s comments, “It took a long time, but a short time on China’s criticism,” wrote Stephen Innes, AxiCorp’s global market strategist, in a research note on Monday.
“The reopening of optimism reigns supreme,” Innes said.
New data from China shows factories that are starting to recover from the pandemic.
Production activity in the country increased unexpectedly last month, according to a special survey closely monitored. Media group Caixin said on Monday that China’s manufacturing purchasing managers index rose from 49.4 in April to 50.7 in May. Also, analysts Refinency was expected. A number above 50 points indicates growth.
“Production production recovered faster than demand as it recovered from the epidemic,” Caixin Insight Group senior economist Wang Zhe said in a statement accompanying Caixin data. However, Wang adds that exports are stagnant as the rest of the world continues to deal with the virus.
Chinese government at the weekend reported that the official manufacturing PMI grew in May. According to Oanda Asian Pacific market analyst Jeffrey Halley, the unofficial PMI study measuring the services sector also showed expansion.