Hello traders everywhere. China's economic growth sank to its lowest level in almost 30 years as the trade war with Washington deepened a slump that is weighing on the global economy. Growth in the world's second-largest economy slipped to 6% in the three months ending in September, down from the previous quarter's 6.2%, data showed Friday. It was the weakest level since China started reporting data by quarters in 1993.
Last week President Trump agreed to delay a tariff hike on Chinese goods and said Beijing promised to buy up to $50 billion of American farm goods. That announcement brought about an initial burst of enthusiasm, but that soon faded after Beijing failed to confirm the scale of possible purchases, and officials said the two sides still were working out details. The slowdown and weakening consumer demand add to headaches for Chinese leaders as they fight a 15-month-old tariff war with the U.S. that has sapped China's exports.
Stocks traded lower Friday but remained on track to post solid weekly gains after the release of better-than-expected earnings. The Dow traded 100 points lower, while the S&P 500 pulled back -0.32% and the Nasdaq shed -0.8%. The DOW was up +0.5% for the week heading into afternoon trading. The S&P 500 and NASDAQ were up +.80% and +.79%, respectively, for the week. The major indexes will end the week within striking distance of their record highs. Continue reading "China Weighs On Stock Market"