Asian shares struck a seven-month high on Thursday as a slew of Chinese data pointed to stabilisation in the world’s second largest economy, and positive U.S. housing data helped ease worries about a sharper slowdown in global growth. The brighter tone for risk assets weighed on safe-haven U.S. Treasuries, the dollar and the yen.

China’s third-quarter gross domestic product grew 7.4 percent from a year earlier, the slowest pace since the first quarter of 2009 and marking the seventh straight quarter of slower growth, but matching expectations. Other data such as fixed asset stock investment, retail sales and industrial output slightly exceeded forecasts.

This is within expectations, the economy is showing signs of stabilising, that is good news, said Dong Tai, economist at Credit Suisse in Hong Kong. We think that with rebounding property markets, stabilizing export orders, resuming consumption, we probably have seen the bottom of the economy.

The MSCI index of Asia-Pacific shares outside Japan gained 0.6 percent, rising for a third day in a row with its energy and materials leading the increase. Hong Kong shares were up 0.4 percent and Shanghai shares inched up 0.5 percent, while shares in Australia jumped 1.1 percent to a fresh 15-month high, supported by the resources sectors which drew strength from signs the slowdown is drawing to an end in China, Australia’s largest export market.

The commodities-sensitive Australian dollar briefly touched a two-week high of $1.0395 after the Chinese data, and last traded at $1.0384. The benchmark Thomson Reuters-Jefferies CRB index, a global commodities benchmark, has recovered less than a third of its drop from its recent peak in September, offering more scope on the upside.

The data for September suggests China’s economy likely bottomed in July-August and is set to recover, and this will help ease fears about further downside risks to the Chinese economy, said Hirokazu Yuihama, a senior strategist at Daiwa Securities. There aren’t clear signs that demand from China is picking up but sentiment for commodities is improving and this should eventually support growth-sensitive assets, he said.