Asian stocks post modest gains after China releases growth data

TOKYO - Asian stock markets mostly eked out modest gains Tuesday after China's quarterly economic growth met expectations, calming some of the investor jitters in the region.

See Full Article

KEEPING SCORE: China's Shanghai Composite was up 1.6 per cent at 2,961.58 and Hong Kong's Hang Seng gained 0.8 per cent to 19,386.75. Australia's S&P/ASX 200 added 0.7 per cent to 4,885. Japan's Nikkei 225 overcame early losses to rise 0.2 per cent to 16,989.31. South Korea's Kospi advanced 0.2 per cent to 1,881.77. Markets in Southeast Asia were mixed. New Zealand gained.

CHINA ECONOMY: China's economic growth edged down to 6.8 per cent in the final quarter of 2015 as trade and consumer spending weakened. The quarterly growth figure was the weakest in six years and 6.9 per cent growth for the full year was the lowest in 25 years. That was in line with market expectations but some analysts had forecast a much sharper slowdown. Chinese leaders are trying to reduce reliance on trade and investment by nurturing slower, more self-sustaining growth based on domestic consumption and services.

THE QUOTE: China's "official data do not point to a hard landing in the fourth quarter of 2015, but they provide little reason to stop worrying about China's drag on the global economy, either," said Bill Adams, senior international economist at PNC Financial Services Group. "Chinese domestic demand remains weak, held back by three persistent headwinds."

EUROPEAN MARKETS: Germany's DAX, which had opened 1.2 per cent higher, declined over the course of Monday to end 0.3 per cent lower at 9,521.85. The CAC 40 of France fell 0.5 per cent to 4,189.57 and Britain's FTSE 100 shed 0.4 per cent to 5,8779.92. U.S. markets were closed for a public holiday.

ENERGY: Benchmark U.S. crude was down 2 cents to $30.36 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose 40 cents to $28.95 per barrel.

CURRENCIES: The U.S. dollar rose to 117.62 yen from 117.50 yen in the previous trading day. The euro was little changed at $1.0886 from $1.0885.



Advertisements

Latest Economic News

  • Several prospective jurors excused from Shkreli case over impartiality

    Economic CTV News
    NEW YORK - Several prospective jurors have been excused from the federal securities fraud trial of an ex-pharmaceutical company executive because they claimed they couldn't be impartial. Jury selection will continue Tuesday morning in Brooklyn. Source
  • Asian stocks move higher after mixed Wall Street result

    Economic CTV News
    SEOUL, Korea, Republic Of - Asian stocks were mostly higher in range-bound trade on Tuesday after Wall Street closed mixed. KEEPING SCORE: Japan's Nikkei 225 rose 0.3 per cent to 20,213.62 while South Korea's Kospi added 0.1 per cent to 2,391.33. Source
  • 'Like bombs': Bankrupt company's air bags still out there

    Economic CTV News
    Takata's lethally defective air bags proved to be the company's undoing Monday. But it could take years to get the dangerous devices off the road in the U.S. and around the world. Crushed by lawsuits, fines and recall costs, the Japanese auto parts supplier filed for bankruptcy in Tokyo and Delaware and will sell most of its assets for $1.6 billion to a rival company. Source
  • 'A seat at the table': GM CEO Mary Barra on engaging with Trump

    Economic CBC News
    At a time when some business leaders have pulled away from working with U.S. President Donald Trump, the head of General Motors sees a need for engagement with the White House. "I think it's always important when you have an opportunity to have a seat at the table to take it, where decisions are being made," GM CEO Mary Barra said during an exclusive interview with Peter Armstrong, host of CBC News Network's On the Money. Source
  • Alphabet partners with Avis to manage self-driving car fleet

    Economic CBC News
    Waymo, the self-driving car unit of Alphabet Inc, said on Monday it signed a multi-year agreement with Avis Budget Group Inc for the car rental firm to manage its growing fleet of autonomous vehicles, sparking a surge in Avis Budget's stock. Source
  • Air Miles raises cap on in-store redemptions

    Economic Toronto Sun
    TORONTO — Air Miles is raising some of the recent daily limits imposed on redeeming miles for in-store purchases from retailers. The customer loyalty program says the new daily limit on Air Miles Cash redemptions, in most cases, has been raised to $100. Source
  • Disgruntled U.S. Tim Hortons franchisees follow Canadian example, form alliance

    Economic CTV News
    TORONTO - A group representing Tim Hortons franchisees who are unhappy with the management of the coffee-and-doughnut chain says it now has a U.S. chapter, a development that could put further pressure on the parent company. Source
  • Canada, China sign no-hacking agreement designed to protect trade secrets

    Economic CTV News
    OTTAWA -- Canada and China have agreed not to engage in state-sponsored hacking of each other's trade secrets and business information. The two countries reached the agreement during a meeting last week that was part of their new high-level national security dialogue. Source
  • Coal on the rise in China, U.S., India after major 2016 drop

    Economic CTV News
    BEIJING -- The world's biggest coal users -- China, the United States and India -- have boosted coal mining in 2017, in an abrupt departure from last year's record global decline for the heavily polluting fuel and a setback to efforts to rein in climate change emissions. Source
  • Ontario needs innovative skills and apprenticeship training:study

    Economic CTV News
    TORONTO - A new study concludes that Ontario needs to get far more creative in order to properly prepare young people for jobs of the future. The study was commissioned by the Ontario Skilled Trades Alliance which represents companies that employ more than 400,000 skilled trades people across the province. Source