Global Markets:
- Asian Stock Markets : Nikkei up 0.11%, Shanghai Composite up 1.99%, Hang Seng up 2.03% ASX down 0.82%
- Commodities : Gold at $2727.35 (0.74%), Silver at $32.20 (1.54%), Brent Oil at $74.64 (0.36%), WTI Oil at $70.9 (0.42%)
- Rates : US 10-year yield at 4.097, UK 10-year yield at 4.091, Germany 10-year yield at 2.202
News & Data:
- (USD) Unemployment Claims 241K vs 241K expected
- (USD) Core Retail sales m/m 0.5% vs 0.1% expected
- (USD) Retail Sales m/m 0.4% vs 0.3% expected
Markets Update:
Mainland China and Hong Kong markets rebounded Friday after China’s economy posted better-than-expected growth. Asia-Pacific markets were generally mixed.
China’s third-quarter GDP grew 4.6% compared to the same period last year, slightly exceeding economists’ expectations but down from 4.7% in the previous quarter. This is the lowest growth rate since mid-2023 and continues to drift away from Beijing’s 5% annual target.
September data showed retail sales grew by 3.2% year-on-year, beating estimates, while industrial output expanded faster than expected at 5.4%. However, China’s house prices fell 5.8% year-over-year, marking a steeper drop compared to August’s 5.3% decline.In response, Mainland China’s CSI 300 rose 2.19%, and Hong Kong’s Hang Seng index climbed over 2% in volatile trading.
Japan saw headline inflation for September at 2.5%, with core CPI, excluding fresh food prices, rising 2.4% year-on-year, just above expectations. Japan’s Nikkei 225 added 0.2%, while the Topix index edged higher. South Korea’s Kospi slipped 0.6%, and the smaller Kosdaq dropped 1.57%. Australia’s S&P/ASX 200 declined 0.87%.
In the U.S., the Dow Jones Industrial Average hit a record close, rising 161 points (0.37%) to 43,239.05, supported by strong economic data. The S&P 500 dipped 0.02% to 5,841.47, while the Nasdaq Composite rose 0.04% to 18,373.61. All three indexes are on track for their sixth consecutive positive week.
Upcoming Events:
- 12:30 PM GMT – USD Unemployment Claims
- 12:30 PM GMT – USD Core Retail sales m/m
- 12:30 PM GMT – USD Retail Sales m/m
