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Asian stocks fall after China growth rate slows Asian stocks fall after China growth rate slows
(about 5 hours later)
Asian stocks are mostly falling after data showed China's economy grew at its slowest pace in more than five years. Many Asian markets ended the day lower after data showed China's economy grew at its slowest pace for five years.
Gross domestic product rose by 7.3% in the June to September period from a year earlier, beating market expectations for growth of 7.2%. China's gross domestic product rose by 7.3% in the June to September period from a year earlier, although this beat forecasts of 7.2%.
Japan's benchmark Nikkei fell by 0.7% while the broader Topix shed 0.5%. Japan's Nikkei fell 2% to 14,804.28, a day after it had rebounded by 4%.
South Korea, Shanghai and Hong Kong stocks are also trading in negative territory after initially rising in response to China's data release. In Hong Kong, the Hang Seng index rose 18.32 points to 23,088.58 but China's Shanghai Composite ended down 17.07 points at 2,339.66.
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 in the financial capital. South Korea's Kopsi index closed 14.78 points lower at 1,915.28 while Australia's ASX 200 ended up 5.59 points at 5,325.03.
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. While the Chinese growth data was slightly better than expected, there are still worries about the slowdown in the world's second-largest economy.
Overall, investors are trading cautiously in Asia despite solid gains on Wall Street overnight following healthy earnings reports from Apple and Halliburton. "The data was better than I expected, more optimistic than we thought. But we definitely cannot achieve the 7.5% growth target this year," Lin Caiyi, chief economist at Guotai Junan Securities in Shanghai, told Reuters.
Apple shares rose 1.3% in extended US trading after it said quarterly revenue rose by 12% due to strong iPhone sales. In Tokyo, shares in Fujifilm bucked the downward trend after the company said it was increasing production of an anti-influenza drug that is being used to treat Ebola patients.
Halliburton, the world's second-largest oilfield services provider, reported a 70% jump in net profit. Fujifilm shares had jumped 4% at one point but they then fell back to end the day 0.2% higher at 3,398.5 yen.
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.