China to the rescue? There has been a surge of hope in the markets over the past 10 days that China's struggling economy has already turned a corner.
The Baltic dry shipping index – the much-watched measure of the cost of shipping raw materials around the world – has jumped more than 50 per cent in a week on hopes of rising demand for commodities from China, while the prices of several metals have also risen sharply. The Chinese stock market is up 13 per cent in the 10 days since the end of the Chinese new year holiday.
Such optimism might seem strained given the avalanche of downbeat economic news that has come out of China over the past three months. Yet some government officials have started to sound a similar tune.
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