Asian markets wobble as China's slowdown hits

News Image

MG News | October 18, 2024 at 10:06 AM GMT+05:00

0:00

October 18, 2024 (MLN): Asian markets fluctuated Friday after China reported its weakest economic growth in a year and a half, while gold prices hit a record high and Wall Street provided a lackluster lead, as APP reported. 

Investors have been eagerly awaiting more concrete steps from Beijing to address the country's stalling economy, following last month's stimulus announcements.

Hopes for a major policy shift were dashed after three high-level briefings fell short of expectations, sparking a sell-off that reversed earlier market gains.

China’s gross domestic product (GDP) grew 4.6% in the latest quarter, slightly above economist forecasts, but it marked the slowest growth since early 2023, after the removal of strict COVID-19 restrictions.

China’s authorities have struggled to revitalize the world’s second-largest economy, which is dealing with a severe property sector debt crisis and weak consumer activity.

While some of the recently introduced measures address key issues, observers have called for further action to hit the government’s 5% annual growth target.

On the positive side, retail sales and industrial output in September were stronger than expected, providing a glimmer of hope.

Markets in Hong Kong and Shanghai edged up slightly as investors processed the news, while Tokyo also gained, helped by a weaker yen.

Other Asian markets saw mixed results: Wellington, Taipei, Manila, and Jakarta rose, but Sydney, Singapore, and Seoul saw declines.

Meanwhile, gold surged to a new record high above $2,700 amid geopolitical concerns after Israel confirmed it had killed Hamas chief Yahya Sinwar.

The ongoing conflict in the Middle East, involving battles between Israel and Hamas in Gaza, and Hezbollah in southern Lebanon, has heightened fears of a broader war that could involve Iran.

On Wall Street, trading was relatively calm despite better-than-expected U.S. retail sales, which led investors to scale back their expectations for Federal Reserve interest rate cuts.

This pushed the dollar higher against the yen and euro. Adding to the euro's pressure was another rate cut by the European Central Bank, with more cuts potentially on the horizon as inflation eases.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 19, 2025 at 04:28 PM GMT+05:00

4.7m families get BISP aid in Punjab


July 19, 2025 at 03:00 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


July 19, 2025 at 02:49 PM GMT+05:00

RDA attracts $182m in June


July 19, 2025 at 02:49 PM GMT+05:00

M2 falls by Rs455bn in a week



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg