China’s July-September GDP growth came in at 4.6%, down slightly from the prior quarter.
Markets in mainland China and Hong Kong rebounded Friday after the world's second-largest economy posted better-than-expected economic growth. Overall, Asia-Pacific markets were mixed.4.6% compared to the same period last year, slightly above estimates by economists in a Reuters poll but down from 4.7% in the previous quarter.
The rate was at its lowest level since the middle of last year, moving further away from Beijing's 5% annual growth target.Data for the month of September showed that retail sales beat estimates to grow 3.2% year on year, while China's industrial output also grew faster than expected at 5.4%. Meanwhile, China's house prices fell 5.8% year-over-year in September, a larger drop than 5.3% in August.rallied to a new record close after strong economic data eased lingering fears of a potential recession. The blue-chip index rose 161 points, or 0.37%, to 43,239.05.China's central bank governor Pan Gongsheng said the reserve requirement ratio for commercial banks could be cut further by 25 to 50 basis points by the end of the year.
The benchmark seven-day reverse repurchase rate could also be lowered by 20 basis points and the medium-term lending facility rate reduced by 30 basis points, the governor said at a financial forum in Beijing.Separately, the company said it was committed to complying with laws and regulations, according to Reuters, in response to a media report that U.S. government was probing their dealings with China's Huawei.
All three are on track to notch their sixth straight winning weeks. That would mark the longest weekly positive streaks for the Dow and S&P 500 in 2024.Philadelphia
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