China Enjoys Stronger GDP Numbers, Stocks Hike

Markets in mainland China and Hong Kong rebounded Friday after the world’s second-largest economy posted better-than-expected economic growth. Overall, Asia-Pacific markets mostly rose.

In Japan, the Nikkei 225 index recovered 70.56 points, or 0.2%, to 38,981.75.

Japan’s headline inflation for September came in at 2.5%, while core CPI — which excludes fresh food prices — rose 2.4% year on year compared with Reuters estimates of 2.3%.

In Hong Kong, the Hang Seng Index powered ahead 725.01 points, or 3.6%, to 20,804.11.

CHINA

In Shanghai, the CSI 300 regained 137.01 points, or 3.6%, to 3,925.23

China’s third-quarter GDP grew 4.6% compared to the same period last year, slightly above estimates by economists in a Reuters poll but down from 4.7% in the previous quarter.

The rate was at its lowest level since the middle of last year, moving further away from Beijing’s 5% annual growth target.

Data for the month of September showed that retail sales beat estimates to grow 3.2% year on year, while China’s industrial output also grew faster than expected at 5.4%.

Meanwhile, China’s house prices fell 5.8% year-over-year in September, a larger drop than 5.3% in August.

In other markets

In Taiwan, the Taiex zoomed 433.43 points, or 1.9%, to 23,487.27

In Korea, the Kospi index slipped 15.48 points, or 0.6%, to 2,593.82.

In Singapore, the Straits Times Index climbed 14.94 points, or 0.4%, to 3,640.19.

In New Zealand, the NZX 50 moved higher 55.35 points, or 0.4%, to 12,823.89

In Australia, the ASX 200 dropped 72.69 points, or 0.9%, to 8,283.23.