China GDP Whisper Counts Oils Rally

Stocks and Shares are leaping this morning, yet there doesn’t appear to be many fundamental and rigid reasons for the sudden up trend bull market. Jobless claims stunk and PPI data didn’t exaclty sway opinions on inflation or the Fed’s stance on more accommodation.

But several traders are conveying each other around saying the whisper numbers for China’s first-quarter GDP report may be much better than initially anticipated and projected. That chatter is fueling the early-morning gains.

The “whisper” counts is calling for China’s GDP report tonight to come in at 9.0% compared to the estimate of about 8.4%.

Stocks recently traded around session highs. The Dow is up 149 points, or 1.2%, to 12954. The S&P 500 is up 1.1% and the tech-heavy Nasdaq Composite is up 1.2%.

Here’s what Ryan Larson, head of equity trading at RBC Global Asset Management, told our colleagues on the stocks desk: ”I think the rumour on China GDP is probably what’s driving most of this move this morning; of course it’s unconfirmed,” he said. “I think that kind of number — and the whisper is roughly around 9% right now — would go a long way toward calming fears about global growth.”

For what it’s worth, Peter Boockvar of Miller Tabak says these rumors are being misinterpreted:

The Chinese govt researcher that supposedly commented on China GDP said he thought we get 9% GDP growth for FULL YEAR 2012 and that he only expected Q1 to be 8.4-8.5% which is in line with expectations.

Nevertheless, all this talk has helped the Dow notch a triple-digit gain this morning.