Surprisingly upbeat economic soundings from China lifted the global markets mood...
LONDON - Surprisingly upbeat economic soundings from China lifted the global markets mood on Monday, pushing world shares toward an 18-month high and steering the Aussie dollar and copper upwards.
China’s second quarter annual GDP growth rate fell to a 27-year low of 6.2% as expected, but its quarterly growth reading of 1.6% was ahead of forecasts and June reports on industrial production, retail sales and urban investment were also well above expectations. “It is no surprise that China is slowing down and if you look at the other components of the data like retail sales and industrial production, they are looking a little bit better than expected,” said CMC Markets analyst David Madden.With the S&P 500 closing in record territory again on Wall Street on Friday and above 3,000 for the first time, markets are confident the U.S. Federal Reserve will cut its key interest rate by at least a quarter point late this month.
Most euro zone government bond yields edged down from recent 3 1/2-week highs in early moves, although the reassuring signs from the global economy meant the moves were small in scale. Brent crude was off 10 cents at $66.62. U.S. crude fell 21 cents to $60 a barrel, although that also came after both contracts had posted their biggest weekly gains in three weeks on diplomatic tensions in the Middle East and cuts in U.S. oil production.
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