Spreadex Market Update
Asian stocks dropped overnight
Asian stocks dropped overnight, paring gains after yesterday’s positive session as investors awaited a slew of Chinese economic data and as the US earning season commenced. Asian shares remain cautious after giving up small gains after modest data showed the Chinese economy grew slightly more than expected, rising 7.3% - a slight increase from the 7.2% expectation. This showed the Chinese economy grew at its slowest pace in five years in the third quarter as it battles a slumping real-estate market and weak domestic demand and industrial production. Industrial production for the region increased 8%, exceeding the 7.5% expectation.
Apple exceeded Wall Street estimates after a better-than-expected 16 percent jump in iPhone sales and strongest growth in Mac computers in years. Shares of Apple Inc. rose 1.3 percent to about $101.10 in after-hours trading. However, sales of the iPad slid for a third straight quarter, adding to worries a gradual decline in tablet demand worldwide could slow Apple’s growth.
WTI Crude traded near the highest level in four days, rebounding from a recent drop after inventories that show motor-fuel shrank in the US. BNP Paribas and Bank of America have all speculated the oil rout may be over.
UK futures are indicating a slightly lower open, pairing a positive finish in New York last night. FTSE futures are looking to open 16 points lower to 6252 as investors analyse disappointing Chinese data and weak earnings from IBM.
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