There is always a glimmer of hope and one should always keep that in mind. For traders, this glimmer of hope came in the shape of positive economic news from China. The Chinese factory activity picked up. Asian markets skyrocketed on the back of this news because traders were eager to hear something which finally had an official rubber stamp on it.
It has been a while that we have been hearing unofficial news that factory activity has started to gather momentum in China, but today, we received the official confirmation of this. For investors this is enough for now because all they wanted to see was a glimmer of hope, meaning recovery taking place. No one is expecting this recovery to be turbocharged despite the recent fiscal package from the Chinese government. This is because the rest of the world is still fighting to contain the Coronavirus outbreak. As long as the sentiment keeps on improving—which the data has confirmed—it is enough for the market players.
So how good…
