Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Australian, NZ shares dragged down by weak Chinese GDP data

Published 19/10/2018, 04:58 pm
Updated 19/10/2018, 05:00 pm
© Reuters.  Australian, NZ shares dragged down by weak Chinese GDP data

© Reuters. Australian, NZ shares dragged down by weak Chinese GDP data

(Updates to close)

Oct 19 (Reuters) - Australian shares edged lower on Friday as China posted its weakest economic growth since the global financial crisis, though the market was off its morning lows as Beijing pledged more policy support to mitigate risks from a trade row with the United States.

The S&P/ASX 200 index .AXJO eased 0.05 percent to 5,939.5, recouping most of the early losses. The benchmark is set to gain 0.7 percent for the week, snapping two straight weeks in the red.

China's economy grew 6.5 percent in the third quarter from a year earlier, missing expectations and coming in slower than 6.7 percent in the second quarter for its weakest quarterly performance since early 2009. policy makers were quick to reassure markets, pledging more steps to support growth in the world's second biggest economy - Australia's largest trading partner and a key source of its massive export earnings.

The metals and mining index .AXMM dropped 0.2 percent, with its top constituent BHP BHP.AX closed lower for a third straight day, down 0.3 percent.

Metal prices were down on concerns slowing growth from resource hungry China will likely dampen demand. MET/L

South32 S32.AX fell 2.3 percent to its lowest level in more than a month, while Fortescue Metals Group FMG.AX declined 2.3 percent as well.

Financial stocks, which have been pummelled by revelations in a high-profile inquiry of widespread misconduct in the sector, closed higher. The sector also added over 1 percent this week to end a three week slide.

National Australia Bank NAB.AX said about 300 staff have been fired or left the company after internal investigations into wrongdoings, the company's Chief Executive Officer said. number four lender closed 0.3 percent lower.

New Zealand's benchmark S&P/NZX 50 index .NZ50 slid 1.2 percent or 108.33 points to finish the session at 8,802.26.

Broad weakness among heavyweight stocks, such as a2 Milk Company ATM.NZ and Air New Zealand AIR.NZ , which closed down 1 percent and 1.3 percent, respectively, weighed on the market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.