China Picks Up the Pace
China’s statistics bureau said the economy grew at an 8.9% pace in the third quarter from a year earlier, the fastest pace in a year, helped in part by stimulus spending and record bank lending, according to Bloomberg.
There’s a good chance China will likely hit its 8% growth target this year as the economy grew 7.7% for the first nine months of the year. But much of that gain was due mostly to domestic demand. Exports have slid for the past 11 months accounting for -3.6 percentage points in the last quarter.
For another perspective, see Professor Kristin Graham’s A Tale of Two Chinas
.From the Bull Pen
: Was yesterday’s breakout in Copper a message from the market? How about oil hitting 82 a barrel overnight? If you think China will be the new leader of the global economy, consider the Morgan Stanly A Shares Fund
(CAF); sell stops in the near-term can be set below 33.50. From the Bear Cave
: With so many calling for a bottom in the dollar, one cant help but wonder if there’s much more weakness ahead for the greenback. For dollar bears, consider the Australian dollar ETF
(FXA); a trade below the 10-day moving average (148.60) could signal a short-term correction so a sell stop can be set below that level. A Quick Check Around the World
Asian trading closed with the Nikkei
-1.29%, Hang Seng
-0.62%, and Taiwan -1.21%.
Across the pond, we see the FTSE
As of 8:10 a.m. EST, S&P Futures
are trading +0.25 to 1078.00 and Nasdaq futures
are -5.000 to 1748.25. A Look at Commodities
Over in commodities, crude oil
is -0.73 to 80.65 while gold
is -6.30 to 1057.10 this morning. Silver
is -0.26 to 17.560 and copper
-0.025 to 3.0110.
The dollar index
is +0.3350 to 75.3000. On the Radar
08:30 Initial Claims
08:30 Continuing Claims
10:00 Leading Indicators 0.8% cons.
10:00 FHFA Housing Price Index Click here
for the full trading radar.
Good luck today!
No positions in stocks mentioned.
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