ASX surges ahead of Chinese GDP data

The Australian share market has risen in early trade following a strong overnight performance by US giants Amazon and Netflix and ahead of looming Chinese GDP data.

The S&P/ASX200 benchmark index was up 89.1 points, or 1.65 per cent, at 5,505.4 points in the first 15 minutes of trade on Friday after the major US indices climbed in volatile overnight trade. 

The All Ordinaries index was up 92 points, or 1.68 per cent, to 5,559.6. 

The early rise comes after US tech giants helped Wall Street higher amid new shutdown orders in New York and the UK. 

Attention will turn to Chinese GDP in the early afternoon with the nation’s economy expected to have shrunk by 6.2 per cent over the past 12-months because of the COVID-19 shutdown throughout January and February.

Oil prices were mixed overnight while gold eased after US jobless claims rose less than a week ago.

The Australian dollar was buying 63.55 US cents at 1015 AEST, up from 63.02 US cents at the close of markets on Thursday.


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