Sumary of GLOBAL MARKETS-Asian stocks stumble as weak China data fan global growth worries:
- By Alun John4 Min ReadHONG KONG (Reuters) – Asian shares fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus.
- Retail sales grew at the slowest pace since August 2020 and missed analysts expectations, while industrial output also rose at a weaker pace from July, underscoring recent signs of slackening economic momentum in China and adding to expectations Beijing will offer more stimulus over coming months.
- The Hong Kong benchmark shed 0.87% dragged down by casino stocks as the gaming hub of Macau begins a consultation ahead of a closely watched rebidding of its multi-billion dollar casinos next year.
- Lower inflation suggests that the Fed will be under less pressure to begin trimming its vast asset purchases, and, as a result, the yield on the benchmark 10-year note US10YT=RR fell as low as 1.263%, its lowest since Aug.
- Overnight on Wall Street, worries about slowing growth saw the Dow Jones Industrial Average <.