China’s disappointing GDP data casts a shadow over Asian markets
China posted its weakest economic growth since the global financial crisis, adding to market concerns about trade disputes and rising US rates
Shanghai — Asian stocks slipped further on Friday as China posted its weakest economic growth since the global financial crisis, adding to market concerns about trade disputes, rising US interest rates and Italy’s free-spending budget. The MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.2% weaker following China’s latest GDP reading. Australian shares fell 0.3% and Japan’s Nikkei average was 1.1% lower. A weak Wall Street on Thursday set the tone for Asian trade. The Dow Jones Industrial Average fell 1.27%, the S&P 500 lost 1.44% and the Nasdaq Composite dropped 2.06%. “Markets continue to digest the combination of higher US rates, ongoing trade tension and Chinese growth concerns,” analysts at ANZ said in a note. On Thursday, the flight to safe-haven assets partly dampened rising US treasury yields. Still, early in Asia on Friday, the 10-year yield rose to 3.1767% from the US close on Thursday of 3.175%. The two-year yield, sensitive to expectations of higher Fed f...
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