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

  • San Francisco brewery ordered to stop making beer with CBD

    Economic CTV News
    SAN FRANCISCO -- U.S. officials have ordered a San Francisco brewery to stop producing beer containing cannabidiol, the hemp-derived extract known as CBD. The U.S. Alcohol and Tobacco Tax and Trade Bureau is allowing Black Hammer Brewing to sell the rest of the CBD beer it already brewed, including one called Toke Back Mountain. Source
  • Canadian auto sector observers doubt U.S. will carry through on tariff threat

    Economic CTV News
    Canadian auto industry observers are reacting with shock and disbelief to news that U.S. President Donald Trump has ordered an investigation that could result in tariffs of up to 25 per cent on auto sector imports into the United States. Source
  • Trudeau says Trump's threat of auto tariffs would hit U.S. just as hard

    Economic CTV News
    Prime Minister Justin Trudeau said he plans to tell U.S. President Donald Trump that his threat to slap tariffs of up to 25 per cent on vehicle imports would have an "incredibly negative effect" on the American economy. Source
  • Disputed Keystone XL pipeline backed by Trump is focus of court hearing

    Economic CBC News
    Trump administration attorneys were due in a Montana courtroom Thursday to defend the disputed Keystone XL oil sands pipeline against environmental groups and Native American groups that want to derail the project. The 1,800-kilometre line proposed by TransCanada Corporation was rejected in 2015 by former President Barack Obama because of its potential to exacerbate climate change. Source
  • Trump administration defends Keystone XL pipeline in court

    Economic CBC News
    Trump administration attorneys were due in a Montana courtroom Thursday to defend the disputed Keystone XL oil sands pipeline against environmental groups and Native American groups that want to derail the project. The 1,800-kilometre line proposed by TransCanada Corporation was rejected in 2015 by former President Barack Obama because of its potential to exacerbate climate change. Source
  • Facebook won't pay compensation for Cambridge Analytica case

    Economic CTV News
    BRUSSELS -- Facebook says it will not compensate users in the scandal over the misuse of their personal data by political consultancy Cambridge Analytica. The company made the statement Thursday in a list of written replies to questions by European Union lawmakers. Source
  • Canada still wants to work with China despite blocked Aecon takeover: Bains

    Economic CBC News
    Canada is still open to working with China in the future, despite killing the massive takeover of Canadian construction company Aecon Group Inc. by Chinese interests, says Innovation Minister Navdeep Bains. "I'm confident that we'll continue to work together. Source
  • McDonald's not ready to let go of plastic straws

    Economic CBC News
    McDonald's isn't ready to stop offering plastic straws, despite environmental concerns. A shareholder proposal to pressure the world's biggest hamburger chain on the matter was voted down at the company's annual meeting Thursday. The proposal by activist group SumOfUs asked for a report about the "business risks" of using plastic straws at the chain's 37,000 locations globally. Source
  • McDonald's not ready to let go of plastic straws in U.S.

    Economic CTV News
    NEW YORK -- McDonald's isn't ready to stop offering plastic straws, despite environmental concerns. A shareholder proposal to pressure the world's biggest hamburger chain on the matter was voted down at the company's annual meeting Thursday. Source
  • Trump administration explores tariffs on autos, auto parts

    Economic CTV News
    WASHINGTON -- The Trump administration launched an investigation into whether tariffs are needed on the imports of automobiles into the United States, moving swiftly as talks over the North American Free Trade Agreement have stalled. Source