It seems that an element of confidence has been regained in the mining sector, following the release of China's better-than-expected economic data which revealed stronger exports and imports from the nation.
The data revealed that China's exports for July had hit 5.1% (at an annualized rate) compared to the market's expectation of 2.8%. Meanwhile, imports soared 10.9% compared to the expected growth rate of just 1.3%. Analysts have stated that they expect the stronger-than-anticipated results can be largely attributed to improved liquidity since June.
The S&P/ASX 200 (^AXJO) (ASX: XJO) is up 12 points in early trading today, which is being driven by Australia's largest mining stocks whilst the banks have remained relatively flat. BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) are up 2.55% and 3.25% respectively, whilst Fortescue Metals Group (ASX: FMG) has continued its climb and is up 4.5% today. The company realised a gain of 5.5% last week alone.
Furthermore, BHP has today hit a five-month high with the stock climbing to $37.02 shortly after the market's opening. The company will release its earnings report on 20 August.
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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.
