World Stocks Take China Slowdown in Stride
Tokyo: European stocks were higher and Asian markets meandered Tuesday after China's third quarter growth report pointed to a gradual rather than sharp economic slowdown.
In Europe, Britain's FTSE 100 rose 0.3 per cent to 6,287.87 and Germany's DAX gained 0.6 per cent to 8,766.35. The CAC-40 in France climbed 0.8 per cent to 4,024.92. Futures pointed to gains on Wall Street. Dow and S&P 500 futures were both up 0.1 per cent.
The world's second biggest economy expanded 7.3 per cent from a year earlier in the third quarter, slowing from 7.5 percent in the previous quarter. Markets took some solace in the fact growth was better than forecasts of 6.9 per cent to 7.2 per cent. The modest deceleration is unlikely to convince China's leaders to embark on a massive stimulus effort on top of their targeted measures earlier in the year.
"The upshot is that although (China's) growth has slowed, it reflects a welcome rebalancing away from excess investment in certain sectors of the economy and is not cause for significant concern," said economist Julian Evans-Pritchard of Capital Economics. "With policymakers now prioritizing employment and economic rebalancing over growth, we don't think they will feel the need to act aggressively to shore up the economy in response to today's data."
Asian markets: Japan's Nikkei 225 was down 2.0 per cent at 14,804.28 following a 4 per cent surge on Monday fueled by expectations of government pension fund buying of shares. Hong Kong's Hang Seng added 0.1 per cent to 23,088.58 while China's Shanghai Composite slipped 0.7 per cent to 2,339.66. Australia's S&P/ASX 200 rose 0.1 percent to 5,325. Seoul's Kospi dropped 0.8 percent to 1,915.28.
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