China posts better-than-expected economic data

Citizens shop at a supermarket in Zaozhuang, China, on October 13, 2024. 

Costfoto | Nurphoto | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Better-than-expected growth for China
China’s third-quarter gross domestic product expanded by 4.6% year on year, according to the National Bureau of Statistics. Even though that’s higher than the 4.5% in a Reuters poll, it trails the second-quarter’s growth of 4.7%. On a quarterly basis, China’s economy grew by 0.9% in the third quarter.

Chinese and U.S. retail sales going strong
China’s retail sales for September grew 3.2% from a year ago, said the National Bureau of Statistics. That’s better than the 2.5% estimate in an LSEG poll and August’s figure of 2.1%. Across the Pacific Ocean, retail sales in the U.S. rose a seasonally adjusted 0.4% for September. It’s higher than both the 0.1% gain in August and the 0.3% Dow Jones forecast.

Dow bucks the trend to rise
U.S. markets had a mixed Thursday. The Dow Jones Industrial Average added 0.37% to close at another record level. But the S&P 500 and Nasdaq Composite were mostly unchanged. Asia-Pacific markets were mixed Friday. China’s Shanghai Composite rose around 1.5% on positive economic data and a suggestion by Beijing’s central bank governor that it could ease monetary policy further.

An alternative deal for Altera
Intel is looking at a deal to sell its Altera unit for around $17 billion, according to people who requested anonymity to speak about the confidential matter. Just last month Intel CEO Pat Gelsinger said Altera is a core part of Intel’s future. Altera manufactures a type of semiconductor that can be reprogrammed, unlike CPUs.

[PRO] Soaring small caps
Unlike big companies, small companies don’t have the heft to negotiate for low-rate loans, for instance, or the cash moat to withstand fluctuations in consumer habits. Hence, as the U.S. Federal Reserve cuts interest rates, small-cap stocks tend to benefit more. And they have just hit a high not seen in three years.

The bottom line

The Bottom Line is on a break today. Normal programming will resume Monday, Oct. 21, 2024.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – seculartimes.com. The content will be deleted within 24 hours.

Leave a Comment