Dubai Telegraph - Asian markets rise as China economy tops forecasts, gold hits record

EUR -
AED 3.859481
AFN 71.756324
ALL 98.731551
AMD 410.573973
ANG 1.898343
AOA 958.299952
ARS 1057.5828
AUD 1.620305
AWG 1.891382
AZN 1.787514
BAM 1.965786
BBD 2.126704
BDT 125.86941
BGN 1.959578
BHD 0.396069
BIF 3111.577045
BMD 1.050768
BND 1.419397
BOB 7.30511
BRL 6.108936
BSD 1.053351
BTN 88.798959
BWP 14.389096
BYN 3.447011
BYR 20595.049833
BZD 2.123186
CAD 1.482918
CDF 3015.70356
CHF 0.930769
CLF 0.037175
CLP 1025.730425
CNY 7.626681
CNH 7.631617
COP 4607.354324
CRC 536.765442
CUC 1.050768
CUP 27.845348
CVE 110.825881
CZK 25.294035
DJF 187.56281
DKK 7.458928
DOP 63.475202
DZD 140.754561
EGP 52.127224
ERN 15.761518
ETB 131.339448
FJD 2.392545
FKP 0.829389
GBP 0.835949
GEL 2.868323
GGP 0.829389
GHS 16.589273
GIP 0.829389
GMD 74.604443
GNF 9077.02445
GTQ 8.133083
GYD 220.369466
HKD 8.177732
HNL 26.61696
HRK 7.495399
HTG 138.250992
HUF 410.051453
IDR 16731.48153
ILS 3.832965
IMP 0.829389
INR 88.571851
IQD 1379.809363
IRR 44224.189139
ISK 145.100113
JEP 0.829389
JMD 167.167612
JOD 0.745307
JPY 161.712177
KES 136.073015
KGS 91.195508
KHR 4227.434928
KMF 492.757542
KPW 945.690665
KRW 1469.37254
KWD 0.323384
KYD 0.877759
KZT 525.96186
LAK 23132.512015
LBP 94323.056453
LKR 306.507041
LRD 189.587683
LSL 19.044143
LTL 3.102644
LVL 0.635599
LYD 5.155188
MAD 10.582559
MDL 19.254813
MGA 4922.003534
MKD 61.670427
MMK 3412.852984
MNT 3570.509093
MOP 8.44098
MRU 41.88499
MUR 49.722097
MVR 16.234917
MWK 1826.47842
MXN 21.614084
MYR 4.693253
MZN 67.14173
NAD 19.044143
NGN 1768.579028
NIO 38.756512
NOK 11.690218
NPR 142.081414
NZD 1.79828
OMR 0.404533
PAB 1.053351
PEN 3.989366
PGK 4.24307
PHP 62.032083
PKR 292.554261
PLN 4.316456
PYG 8206.689576
QAR 3.842446
RON 4.977699
RSD 117.01459
RUB 110.961597
RWF 1438.192258
SAR 3.946062
SBD 8.816563
SCR 14.31215
SDG 632.036594
SEK 11.54187
SGD 1.415316
SHP 0.829389
SLE 23.854978
SLL 22034.081378
SOS 601.952158
SRD 37.295921
STD 21748.772974
SVC 9.216821
SYP 2640.085594
SZL 19.038716
THB 36.517315
TJS 11.227816
TMT 3.688195
TND 3.340977
TOP 2.461006
TRY 36.403794
TTD 7.154344
TWD 34.123163
TZS 2784.535199
UAH 43.712558
UGX 3902.826164
USD 1.050768
UYU 44.896792
UZS 13512.64356
VES 48.945141
VND 26707.891792
VUV 124.74927
WST 2.933314
XAF 659.299937
XAG 0.034685
XAU 0.000402
XCD 2.839753
XDR 0.805693
XOF 659.306243
XPF 119.331742
YER 262.61318
ZAR 19.049477
ZMK 9458.171236
ZMW 29.044545
ZWL 338.346819
  • RBGPF

    0.8100

    61

    +1.33%

  • CMSC

    0.0578

    24.73

    +0.23%

  • RELX

    -0.1800

    46.57

    -0.39%

  • VOD

    0.1800

    8.91

    +2.02%

  • RYCEF

    0.0200

    6.79

    +0.29%

  • BCE

    0.2500

    27.02

    +0.93%

  • BCC

    8.7200

    152.5

    +5.72%

  • SCS

    0.4500

    13.72

    +3.28%

  • RIO

    0.6300

    62.98

    +1%

  • GSK

    0.1900

    34.15

    +0.56%

  • CMSD

    0.1200

    24.58

    +0.49%

  • JRI

    0.1600

    13.37

    +1.2%

  • BTI

    -0.0500

    37.33

    -0.13%

  • BP

    -0.4000

    29.32

    -1.36%

  • AZN

    0.7700

    66.4

    +1.16%

  • NGG

    0.1500

    63.26

    +0.24%

Asian markets rise as China economy tops forecasts, gold hits record
Asian markets rise as China economy tops forecasts, gold hits record / Photo: GREG BAKER - AFP

Asian markets rise as China economy tops forecasts, gold hits record

Hong Kong and Shanghai soared Friday to lead gains across most Asian markets Friday after Chinese growth beat forecasts and officials flagged fresh measures to boost the world's number two economy.

Text size:

Investors have been clamouring for Beijing to deliver more concrete plans for the country's stuttering economy since last month's slew of stimulus announcements that had fanned hopes officials would unload the "bazooka" policy many have been calling for.

However, after a blockbuster rally across the mainland and Hong Kong markets, three high-level briefings that had caused much anticipation fell well short of expectations and sparked a sell-off that ate into those early gains.

Friday's news that gross domestic product expanded 4.6 percent was fractionally better than forecast in an AFP survey of economists but still marked the slowest pace of growth since the start of 2023.

However, traders cheered news that the central bank launched a facility to provide greater liquidity and boost share buybacks, while boss chief Pan Gongsheng said officials were considering another cut to the amount commercial lenders must hold in reserve.

Meanwhile, state media said top banks had cut rates on yuan deposits Friday for the second time this year as part of a move to boost lending.

That came as data showed retail sales -- a gauge of consumer spending -- and industrial output rose more than expected in September.

Authorities have struggled to reignite the economy as it battles a stinging debt crisis in the property sector and torpid consumer activity, with an eye on hitting an annual growth target of five percent this year.

Shares in Hong Kong and Shanghai burst higher Friday on hopes the government was ready to do what it could to support the economy, with tech giants and beaten-down developers among the best performers.

ING's China chief economist Lynn Song said: "The beat in the third quarter numbers keeps China within striking distance to hit its full-year growth target... and requires a slightly less impressive fourth-quarter growth rate than what was previously expected."

Harry Murphy Cruise, an economist at Moody's Analytics, added: "The latest supports are very welcome. And they’re likely to propel the economy to its... target for the year.

"But more is required if officials are to address the structural challenges in the economy. Absent that, property will remain a drag through 2025 and households will have little incentive to lift spending."

He added that he saw growth easing to around 4.75 percent next year and slowing further over the next two.

There were also gains in Tokyo thanks to a weaker yen.

Taipei was well up thanks to a near five percent rally in chip titan TSMC a day after it reported a bigger-than-expected increase in net profit for the third quarter and raised its growth forecasts for the year thanks to strong demand for AI tech.

Bangkok, Jakarta, Mumbai, Manila, Singapore and Wellington rose, though Seoul and Sydney. In Europe, London started lower, while Paris was up and Frankfurt flat.

Gold rose to a record $2,714.10 and crude prices climbed on geopolitical uncertainties after Israel said it killed Hamas chief Yahya Sinwar.

Traders were already on edge over the crisis in the Middle East as Israel battles Hamas in Gaza and, more recently, Hezbollah in southern Lebanon, with worries about a region-wide war that could take in Iran.

Wall Street had a largely uneventful day as forecast-topping US retail sales saw investors scale back bets on Federal Reserve interest rate cuts and pushed the dollar higher against the yen and euro.

Adding to downward pressure on the single currency was another rate cut by the European Central Bank and an indication that more could be in the pipeline as inflation comes down.

- Key figures around 0710 GMT -

Tokyo - Nikkei 225: UP 0.2 percent at 38.981.75 (close)

Hong Kong - Hang Seng Index: UP 3.3 percent at 20,707.49

Shanghai - Composite: UP 2.9 percent at 3,261.56 (close)

London - FTSE 100: DOWN 0.4 percent at 8,353.71

Euro/dollar: UP at $1.0846 from $1.0830 on Thursday

Pound/dollar: UP at $1.3060 from $1.3013

Dollar/yen: DOWN at 150.00 yen from 150.23 yen

Euro/pound: DOWN at 83.06 pence from 83.22 pence

West Texas Intermediate: UP 0.6 percent at $71.10 per barrel

Brent North Sea Crude: UP 0.5 percent at $74.83 per barrel

New York - Dow: UP 0.4 percent at 43,239.05 (close)

H.El-Hassany--DT