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Asian stocks trade cautiously ahead of China growth data Asian stocks trade mixed following China growth data
(about 1 hour later)
Asian stocks are trading cautiously ahead of data that is expected to show China's economy grew at its slowest pace in more than five years. 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.
China will also release its industrial output and retail sales figures later. However, the figure beat market expectations for growth of 7.2%.
Japan's benchmark Nikkei rose about 0.2% after logging its largest one day gain in more than a year on Monday. The Australian dollar and ASX 200 rose following the data release, given China is the country's largest trading partner and commodities export market.
Australia's ASX 200 and Seoul's Kospi were trading flat due to low trading volumes ahead of China's third-quarter data release. South Korea, Shanghai and Hong Kong stocks also started trading in positive territory following a flat open.
China's economic growth is forecast to have slowed to 7.2% from a year earlier in the July-September quarter. 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.
Shanghai's stock markets also opened about 0.3% lower, while Hong Kong opened flat ahead of today's televised talks between pro-democracy protest leaders and the territory's government. 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 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. 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 earningsUS 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.