China reported a 4.6% year-on-year economic growth in the third quarter, marking the slowest rate in a year and a half. According to Beijing’s National Bureau of Statistics, the slowdown was due to a “complicated and severe external environment… along with new challenges in domestic economic development.”
Despite the lower growth rate, stronger-than-expected retail sales and industrial output in September helped lift market sentiment. Shares in Hong Kong and Shanghai gained during morning trading, while Tokyo also saw an uptick, supported by a weaker yen. Other Asian markets such as Wellington, Taipei, Manila, and Jakarta posted gains, whereas Sydney, Singapore, and Seoul edged lower.
Gold reached a new all-time high, surpassing $2,700. On Wall Street, the S&P 500 and Nasdaq ended Thursday’s session essentially flat, while the Dow Jones Industrial Average rose 0.4% to a record closing high of 43,239.05.
The S&P 500 remained unchanged at 5,841.47, and the Nasdaq Composite also closed flat at 18,373.61 as investors weighed mixed quarterly earnings and strong economic data.
In the bond market, the yield on the benchmark U.S. 10-year Treasury note climbed to 4.098%, up from 4.016% on Wednesday.
