Morning Briefing: China’s GDP lowest since 2009

Morning Briefing: China’s GDP lowest since 2009

Morning Briefing: China’s GDP lowest since 2009 China’s GDP lowest since 2009
China’s growth is in focus so far Monday as official GDP figures showed the country’s worst rate of growth since 2009, during the global financial crisis. The 6.9 per cent rise in the third quarter was better than some analysts were expecting but is lower than the 7 per cent growth of the first half of 2014.

Other Chinese data, with the exception of retail sales, were also weak. Asian markets have reacted with mixed sentiment; Shanghai and Tokyo were slightly weaker while Sydney and Hong Kong managed slim gains.

European markets have been generally unfazed by the Chinese data and are trading flat or slightly higher so far.
Wall Street and Toronto are expected to open flat or slightly lower Monday.
 
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North America (previous session)
US Dow Jones 17,215.97 (+0.43 per cent) +5.07 per cent +5.10 per cent
TSX Composite 13,838.10 (-0.07 per cent) +1.40 per cent -2.74 per cent
 
Europe (at 6.10am ET)
UK FTSE 6,373.12 (-0.08 per cent) +4.41 per cent + 1.00 per cent
German DAX 10,191.38 (+0.86 per cent) +2.78 per cent +15.15 per cent
 
Asia (at close)
China CSI 300 3,534.18 (+0.00 per cent) +8.70 per cent +44.74 per cent
Japan Nikkei 18,131.23 (-0.88 per cent) +0.34 per cent +24.76 per cent
 
Other Data (at 6.00am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
49.67
(-1.51 per cent)
46.67
(-1.25 per cent)
1172.80
(-0.87 per cent)
U$0.7733
 
Aus. Dollar
U$0.7289
 
US rate rise should wait says Fed’s Dudley
The president of the New York Fed has been quoted in an Italian newspaper Monday as saying that it is too soon to increase US interest rates due to global economic weakness. William Dudley told CorrierEconomia that the committee could decide to increase rates this year but “turbulence on financial markets, modest global growth, energy prices and macro-prudential imbalances are slowing this process down." He said that conditions had changed over recent months.
 
Oil down after Chinese data
The lower pace of growth in China has pushed oil prices lower so far Monday. Brent was down 1 per cent in early trade in London with the price of a barrel of WTI down by a similar degree. The stalemate over production levels continues to add to the global supply glut; Russia says it isn’t planning to cut output and OPEC nations are unlikely to change their policy when they next meet in December.