China: Stocks little changed as data shows economy steadying
[SHANGHAI] China stocks were little changed on Wednesday after data showed the Chinese economy is stabilising, as expected.
The blue-chip CSI300 index fell 0.2 per cent, to 3,316.24, while the Shanghai Composite Index was flat at 3,084.72 points.
There was little surprise from China's third-quarter gross domestic product (GDP) data. The economy grew 6.7 per cent from a year earlier, steady from the previous quarter, as increased government spending and a property boom offset stubbornly weak exports.
"The upshot from today's data is that economic activity seems to be holding up reasonably well, with few signs that a renewed slowdown is just around the corner," wrote Julian Evans-Pritchard, China economist at Capital Economics.
Still, he said, "as the boost from policy stimulus begins to wear off, probably at some point early next year, continued structural drags mean the economy is set to begin slowing again."
SOE reform remains a strong investment theme, with investors continuing to focus on companies likely benefit to from Beijing's structural and state-owned enterprise (SOE) reforms.
Most sectors were basically flat, with infrastructure stocks leading the gains.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data