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Asian stocks fall after China growth rate slows | Asian stocks fall after China growth rate slows |
(about 5 hours later) | |
Many Asian markets ended the day lower after data showed China's economy grew at its slowest pace for five years. | |
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 Nikkei fell 2% to 14,804.28, a day after it had rebounded by 4%. | |
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. | |
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. | |
While the Chinese growth data was slightly better than expected, there are still worries about the slowdown in the world's second-largest economy. | |
"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. | |
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. | |
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. | |