Morning Briefing: China stimulus hopes, Oil higher

Morning Briefing: China stimulus hopes, Oil higher

Morning Briefing: China stimulus hopes, Oil higher China stimulus hopes, Oil higher
Global stock markets have started the trading day with positivity as Wall Street’s strong lead from the previous session combined with growing expectation of stimulus for the Chinese economy boosts sentiment.

Oil prices are also rising again following a higher drawn-down on gasoline stocks in the US.
Asian markets have broadly closed with gains ahead of Chinese data due Monday including GDP figures for the third quarter.

In Europe the leads from Wall Street and Asia have combined with regional earnings and most major indexes are higher so far.

Wall Street and the TSX are set to open higher ahead of a raft of US data.
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North America (previous session)
US Dow Jones 17,141.75 (+1.28 per cent) +2.40 per cent +6.36 per cent
TSX Composite 13,828.97 (-0.33 per cent) +0.47 per cent -1.59 per cent
Europe (at 6.10am ET)
UK FTSE 6,386.47 (+0.75 per cent) +2.52 per cent + 3.08 per cent
German DAX 10,128.95 (+0.64 per cent) -0.96 per cent +18.01 per cent
Asia (at close)
China CSI 300 3,534.07 (+1.36 per cent) +6.79 per cent +44.58 per cent
Japan Nikkei 18,291.80 (+1.08 per cent) +0.66 per cent +24.11 per cent
Other Data (at 6.10am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
(+0.80 per cent)
(+1.27 per cent)
(-0.89 per cent)
Aus. Dollar

Fed could still increase interest rates in December, dollar higher
The greenback gained Friday as analysts weighed the likelihood that the Fed would make its first increase in interest rates in December. Reuters reports that better inflation data has helped the dollar to move from its 7-week low but that it is still set for its worst run of weekly losses since June.
Chinese economy bigger than thought
The world’s second largest economy is bigger than most of us think according to the Center for Strategic and International Studies. Its study suggests that China’s 2008 GDP was between 13 and 16 per cent higher than officially reported while 2013 GDP was $10.5 trillion rather than the reported $9.5 trillion. CNBC says that China uses different accounting procedures to calculate its GDP than most developed countries; a 1993 UN standard rather than the updated 2003 standard. It could mean that China is doing better than reported.

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