Tuesday 20 October 2020

Markets fall, China GDP growth below expectations

Markets were mostly lower on Monday.

The S&P 500 fell 1.6 percent and the STOXX Europe 600 fell 0.3 percent.

Earlier in Asia, markets were mixed, with the Shanghai Composite down 0.7 percent but the Nikkei 225 up 1.1 percent.

China's third quarter GDP grew 4.9 percent from a year ago, below expectations of 5.2 percent growth.

OCBC Bank’s Vasu Menon said that despite missing expectations, “when you drill down to the details, especially domestic consumption, I think that offers some room for optimism”.

Meanwhile, COVID-19 remained a concern as worldwide cases crossed 40 million on Monday, according to a Reuters tally.

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