Chinese growth is under pressure from government controls meant to curb energy use and reduce financial risks from reliance on debt-fueled property...
Asian shares were mostly lower on Monday after China reported its economy grew at a meager 4.9% annual pace in July-September.
Compared with the previous quarter, the way other major economies are measured, output in the July-September period barely grew, expanding by just 0.2%. That was down from the April-June period’s 1.2% and one of the weakest quarters of the past decade. Power shortages might persists, while other disruptions to manufacturing supply chains will likely ease. Weakness in the real estate sector, with major developer China Evergrande Group struggling to meet its debt obligations, would also slow activity, they said.
On Friday, Wall Street added to its recent gains, with the benchmark S&P 500 posting its best week since July. The S&P 500 is back within 1.5% of its all-time high after a shaky few weeks as worries about stubbornly high inflation, reduced support for markets from the Federal Reserve and a slowing economy knocked stock prices around.
Treasury yields rose following the much stronger-than-expected report on retail sales. The yield on the 10-year note TMUBMUSD10Y, 1.609% climbed to nearly 1.60% early Monday from 1.57% late Friday.
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