Global Shares Mixed After China Economy Slows, HK Down 6.4%
Global shares were mixed, while Hong Kong’s benchmark plunged 6.4% on Monday.
The dollar rose to nearly 150 yen, a day after the Japanese central bank reportedly again moved to stem the yen’s decline.
Britain’s FTSE 100 slipped 0.7% to 6,918.15 after former Prime Minister Boris Johnson announced he will not run to lead the Conservative Party.
France’s CAC 40 rose nearly 0.6% in early trading to 6,068.71. Germany’s DAX added 0.6% to 12,807.23
The future for the Dow industrials was down 0.4% and that for the S&P 500 shed 0.5%.
Beijing’s report that the Chinese economy gained momentum in the last quarter was better than expected and up from the previous quarter’s 0.4%.
but that was among the slowest expansions in decades as the country wrestled with repeated closures of cities to fight virus outbreaks.
There were no new market-boosting initiatives from the Communist Party congress.
Dropped supporters of free enterprise like Premier Li Keqiang, the party’s No. 2 before the party’s once in five years congress.