Market Buzz: All eyes on China
Russian markets are likely to be sensitive to long anticipated report on China’s growth, while investors also eye upcoming second quarter results of JP Morgan and Wells Fargo banks.
Russian markets closed lower on Thursday amid negative global background with banking shares among decliners. The MICEX lost 0.8% and the RTS shed 1.16%.US stocks fell on Thursday as stronger-than-expected US jobs data and positive Chinese growth report failed to calm worried investors. The Dow Jones closed 0.3% lower, the S&P 500 slumped 0.5% and the Nasdaq Composite shed 0.75%.Worries about global growth pushed down European stocks lower on Thursday with miners among weak performers. The Stoxx Europe 600 dropped 1.1%. In France the CAC 40 index closed 0.7% lower, while the German DAX 30 shed slumped 0.5%, weighed down by banks. Asian markets mostly gained on Friday, as data showing the Chinese economy expanded at 7.6% in the second quarter of 2012 met investors’ expectations. Hong Kong’s Hang Seng added 0.45%, but the Shanghai Composite slipped 0.1%, after initially moving into positive territory after a string of economic data was released. Australia’s S&P/ASX 200 added 0.6% and South Korea’s Kospi grew 1.2%, while Japan’s Nikkei Stock Average added 0.4%.
