US Open – China GDP falls to 6%, Turkey’s win, Brexit Vote looms, Oil rises, Gold stuck in range

Oct 18 12:10 2019 Print This Article

US stocks and the dollar little changed in early Friday trade despite a worse than expected third-quarter GDP reading from China and heightened uncertainty regarding how Brexit will unfold over the weekend and a temporary cease-fire between Turkey and Syria. 

Asian markets sold off after China’s third quarter GDP figures showed the economy grew at 6.0%, the worst reading since A Few Good Men opened in theaters.  Financial markets want answers on how serious this downturn will be.  The trade war is having a strong impact and with global demand remaining vulnerable, we probably could see Chinese growth fall below the 6.0% next quarter.  The rest of the Chinese data for September showed improvements with retails sales and industrial production. 

Markets will likely remain fixated on the next critical face-to-face meeting between Presidents Trump and XI at the APEC Summit on November 16-17th.  Stocks will struggle to break out to uncharted territory even if we see better than expected earnings results leading up to the key summit. 

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