Buying anything on the strength of Chinese trade data might seem brave, even foolhardy. It is only four months since the country clamped down on the falsifying of exports to bypass capital controls and convert dollars to renminbi. But investors did not seem to care on Thursday, when the figures showed a jump in exports and imports in July, beating forecasts and raising hopes that the economy was doing better than thought.

Shares were up in both Hong Kong and Europe, but the biggest beneficiaries were the suppliers of raw materials to China: miners and Australia.

Mining shares jumped 3 per cent, as copper prices followed those of iron ore, rallying 2 per cent. The Aussie dollar was the best-performing major currency, rising more than 1 per cent against the US dollar and ending a dismal four-month run in which it slid 15 per cent.