Newscasts - Asia Markets Briefing: China's economic growth falters

KDDI

18/10/2024 10:00

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Source: 'Reuters - Business videos'

Description: The world's second largest economy grew at its slowest pace since
early 2023 in the third quarter. GDP grew 4.6% - that was slightly above
expectations. Additionally, consumption and factory output figures beat
forecasts last month.
Short Link: https://refini.tv/3YsYXx7

Video Transcript:

China's economic growth falters. Welcome to Asia Markets Briefing. I'm Ramzan
Karmali. The world's second largest economy grew at its slowest pace since
early 2023 in the third quarter, with GDP growth of 4.6%. However, that did
beat market expectations. Additionally, consumption and factory output figures
beat forecast last month too. Authorities have sharply ramped up policy
stimulus since late September, but markets are waiting for more details on the
size of the package. Meanwhile, China's central bank kicked off two funding
schemes today. They'll initially pump in as much as CNY800 billion, that's
roughly $112 billion into the stock market through newly created monetary
policy tools. China's recent market bull run has been losing steam as euphoria
turned into caution over the size and implementation of Beijing stimulus
promises. But these measures today seem to be having an impact on Chinese
stocks. The Hang Seng also got a lift from tech shares following solid
earnings on Thursday from NVIDIA supply at TSMC. The Taipei-listed shares of
TSMC hit a record high on Friday. Japan’s core inflation slowed in
September due to the rollout of energy subsidies. Core CPI rose 2.4% last
month, that was above expectations. But stripping out fuel inflation held
steady last month at 2.1%, which is likely to keep the BOJ on track to raise
interest rates further. It's a fairly busy week for corporate earnings next
week. Chinese energy giants will be on watch on Wednesday as earnings map from
CNOOC and Sinopec. Both CNOOC, China's largest oil and gas producer, and
Sinopec, the country's largest oil refiner, posted impressive results last
time round back in the summer. And major memory chipmaker SK Hynix reports its
Q3 earnings on Thursday. The South Korean firm is expected to post a jump in
operating profits despite challenges it faces in the global memory chip
market. Turning to next week's economic diary, and on Wednesday, South Korea
is scheduled to release its third quarter growth figures. GDP unexpectedly
shrank in the second quarter, clocking the sharpest contraction since 2022.
Bank of Korea policymakers warned that the moderate growth trend will continue
after cutting interest rates for the first time since mid-2020 last week.
Meanwhile in Japan, Thursday welcomes the release of the Flash Jibun Bank PMI.
Japanese factory activity eased in September due to softer production, marking
a third straight month in contraction territory. But service sector activity
offered some optimism, rising to the highest level in five months. And
finally, on to the oil markets now and prices of Brent and WTI are set to fall
6% this week. They have steadied today however, after strong US retail sales
data and the emergence of stimulus to boost China's economy. And that's it
from your Asia Markets Briefing