This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-29700058
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Asian stocks trade mixed following China growth data | |
(about 1 hour later) | |
Asian stocks are trading mixed after data showed China's economy grew 7.3% in the third quarter, its slowest pace in more than five years. | |
However, the figure beat market expectations for growth of 7.2%. | |
The Australian dollar and ASX 200 rose following the data release, given China is the country's largest trading partner and commodities export market. | |
South Korea, Shanghai and Hong Kong stocks also started trading in positive territory following a flat open. | |
Investors in Hong Kong will also be closely watching to see if today's talks between pro-democracy protest leaders and the territory's government will end a nearly three-week standoff. | |
However, Japan's benchmark Nikkei had lost about 0.6% by mid-morning trade, while the broader Topix shed 0.4% following broad gains the day before. | |
Bucking the downward trend was Japan's Fujifilm, which rose more than 3% in Tokyo after the company said it was increasing production of an anti-influenza drug that is being used to treat Ebola patients. | |
US earnings | US earnings |
Overall though, investors remained cautious in Asia despite solid gains on Wall Street overnight following healthy earnings reports from Apple and Halliburton. | Overall though, investors remained cautious in Asia despite solid gains on Wall Street overnight following healthy earnings reports from Apple and Halliburton. |
Apple shares rose 1.3% in extended US trading after it said quarterly revenue rose by 12% due to strong iPhone sales. | Apple shares rose 1.3% in extended US trading after it said quarterly revenue rose by 12% due to strong iPhone sales. |
Halliburton, the world's second-largest oilfield services provider, reported a 70% jump in net profit. | Halliburton, the world's second-largest oilfield services provider, reported a 70% jump in net profit. |
However, it was a down day for IBM, which plunged by more than 7% to a three-year low after the company scrapped its 2015 earnings forecast. | However, it was a down day for IBM, which plunged by more than 7% to a three-year low after the company scrapped its 2015 earnings forecast. |
Desmond Chua from CMC Market said "optimism in the markets could quickly turn sour" if this morning's slew of data from China were to disappoint. | Desmond Chua from CMC Market said "optimism in the markets could quickly turn sour" if this morning's slew of data from China were to disappoint. |
"There may also be the case of a "bad-news-is-good" rally, where investors bid up markets ahead of expectations that the government will launch another massive stimulus package," he said in a research note. | "There may also be the case of a "bad-news-is-good" rally, where investors bid up markets ahead of expectations that the government will launch another massive stimulus package," he said in a research note. |