China Economy Expanded in Q3

News Event

From Trading Economics: The Chinese economy expanded an annual 6.7 percent in the September quarter of 2016, the same pace as in the previous two-quarters.The figure was in line with market expectations, supported by an increase in government spending, fixed asset investment and retail sales while industrial output eased. On a quarterly basis, the GDP advanced 1.8 percent, the same as in the June quarter and matching consensus. GDP Annual Growth Rate in China averaged 9.79 percent from 1989 until 2016, reaching an all-time high of 15.40 percent in the first quarter of 1993 and a record low of 3.80 percent in the fourth quarter of 1990. GDP Annual Growth Rate in China is reported by the National Bureau of Statistics of China.

Market Snap

Market Closing Wrap

In European Equity Markets stocks bounced back early on Tuesday, with commodities-related stocks leading the market higher after prices of major industrial metals and crude oil rose on a softer dollar. The pan-European STOXX 600 index rose 1.1 percent. The STOXX Europe 600 Basic Resources index rose 2 percent as copper prices gained after the dollar eased from seven-month highs. Shares in Rio Tinto, Randgold Resources, Fresnillo, Royal Dutch Shell and BP rose 1.2 to 2.2 percent. Shares in French testing, inspection and certification company Bureau Veritas fell 4.5 percent after the company cut its outlook for the full year 2016 as the weakness in the oil and & gas and shipping markets weighed on its revenue.

In Currency Markets the U.S. dollar was mixed in choppy trading on Tuesday as investors took some profits from the greenback's recent strength and evaluated whether the Federal Reserve is likely to raise interest rates later this year.  The day's major mover in currencies was sterling, which rose to a six-day high against the dollar of $1.2310 after a British government lawyer said it was "very likely" the UK parliament would have to ratify the country's eventual exit agreement with the European Union. Sterling last stood at $1.2292, still up 0.9 percent on the day. The euro fell 0.17 percent to $1.0979, off highs of $1.1027 hit earlier in the day. Against the yen, the dollar held steady 103.93 yen.

In Commodities Markets  oil prices steadied on Tuesday, as the dollar relinquished early gains and expectations of OPEC output curbs lifted crude prices from session lows despite forecasts for data showing a second straight weekly build in U.S. crude stockpiles. Brent crude was flat at $51.52 a barrel. U.S. West Texas Intermediate crude rose 15 cents to $50.09. Spot gold was up 0.1 percent at $1,257.74 an ounce. U.S. gold futures rose 0.2 percent to $1,258.7. Silver was up more than 0.5 percent at $17.52 an ounce and palladium was up 0.9 percent at $642.50. Platinum rose 0.6 percent to $943 an ounce. It touched a seven-month low of $923 on Monday. Platinum and palladium are under pressure from the weaker South African rand against the dollar.

In US Equity Markets  the S&P and the Nasdaq were on track for their best day this month on Tuesday as a slew of market-beating results from marquee companies boosted optimism about Corporate America's health. The S&P 500 was up 0.62 percent, at 2,139.71 and the Nasdaq Composite was up 1 percent, at 5,251.97. Goldman Sachs rose 2.2 percent after the company's results blew past Wall Street estimates.  IBM fell 3.3 percent after reporting its 18th straight quarter of revenue decline. Johnson & Johnson was down 2.4 percent, while Pfizer gained 0.8 percent on after it announced plans to ship a cheaper biosimilar to Remicade, JNJ's top selling product. Intel, scheduled to report after markets close, rose 1.6 percent on a Barclays upgrade.

In Bond Markets U.S. Treasury yields rose on Tuesday with benchmark yields hovering near four-month highs as bond dealers sold government bonds to hedge a large global bond issue from Saudi Arabia they are underwriting. Benchmark 10-year Treasury notes were last down 4/32 in price for a yield of 1.780 percent, up 1 basis point on the day and not far below a four-month peak of 1.841 percent set on Monday.

Source: Institute of Trading and Portfolio Management