Asian stocks retreat as China's growth slowdown deepens
LONDON - World stocks nudged down on Thursday as Chinese economic data slowed in October and Germany only narrowly avoided a recession in the third quarter, adding to worries about the global growth fallout from the U.S.-China trade war.
“I think if they’d gone into a technical recession, the pressure to loosen the purse strings so to speak would have been much much greater.” Australia’s S&P/ASX200 wiped earlier gains to close 0.5% higher, while Shanghai blue chips were up 0.15%, supported by expectations that the gloomy figures would add to the case for stimulus.
China’s industrial production growth slowed sharply in October, with the 4.7% year-on-year rise well below forecasts for 5.4%. Investment growth hit a record low and retail sales also missed expectations.
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