Aust stocks spike 1.5% despite poor China, local data

Local market shrugs off disappointing data duo, with miners, banks supporting the market.

The Australian stock market spiked 1.5% despite disappointing Chinese inflation data and dire NAB reading on local business confidence.

At the 1615 AEST official market close, the benchmark S&P/ASX200 rose 1.5% to 4,881.7 points, while the broader All Ordinaries index lifted 1.44% to 4,866.5 points.

IG market analyst Chris Weston said the key focus across Asia was Chinese CPI, with equity markets taking the 2.7% rise in consumer prices for June taken as a negative. 

"Although we didn’t put as much credence on this metric given the main concern right now is lower growth driven primarily by banking reforms," he said.

"All-in-all it seems sentiment towards the region seems poor and there are a number of bulls sitting on the sidelines waiting for clarity and a more stable base from which to put money to work."

At the previous session's close the benchmark S&P/ASX200 index was down 32.2 points, or 0.67%, at 4,809.5 points, while the broader All Ordinaries index was down 28.8 points, or 0.60%, to 4,797.6 points.

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