Overseas Trading: China GDP Tumbles to Six-Year Low

Economic growth in China decelerated to its slowest pace since 2009, but still managed to top expectations

Oct 19, 2015 at 8:30 AM
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It was a mixed finish in Asia today, after China's gross domestic product (GDP) fell to 6.9% in the third quarter -- marking the slowest pace of growth since 2009, yet narrowly exceeding the consensus estimate for 6.8% expansion. Likewise, housing sales, industrial production, and fixed asset investment also cooled, while retail sales managed to edge out expectations. Against this backdrop, China's Shanghai Composite slipped 0.1%, Japan's Nikkei fell 0.9%, Hong Kong's Hang Seng rose 0.04%, and South Korea's Kospi ended almost totally flat.

Traders in Europe are also having trouble picking a direction at midday, with China's lackluster GDP data weighing on commodity stocks. However, well-received earnings from France's Danone SA and a restructuring announcement by Deutsche Bank have lured some buyers to the table. At last look, the German DAX is up 0.5%, the French CAC 40 is 0.1% lower, and London's FTSE 100 is off 0.4%.

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