BANGKOK (AP) – European shares were higher yesterday after a mixed session in Asia, as China reported that its economy grew at a five-per-cent annual pace last year, hitting the government’s target but slowing from the year before.
Germany’s DAX climbed one per cent to 20,861.95, while the CAC 40 in Paris also gained one per cent to 7,710.01. Britain’s FTSE 100 was up 1.1 per cent to 8,482.66.
The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.3 per cent.
Strong exports and policies aimed at spurring more consumer spending and investment helped drive a boom in manufacturing, which jumped nearly six per cent from a year earlier, the Chinese government reported.
Share benchmarks in China showed scant reaction, given that the five per cent annual growth exactly matched the government’s target for “about five per cent” growth in 2024.
The economy grew 5.4 per cent year-on-year in the October-December quarter.
Economists are forecasting a further slowing of growth this year and beyond, and United States (US) president-elect Donald Trump’s threats to raise US tariffs on Chinese goods have added to Beijing’s challenges as it faces a raft of moves by Washington to limit access to advanced technology, such as computer chips used in artificial intelligence.
Hong Kong’s Hang Seng index rose 0.3 per cent to 19,584.06 and the Shanghai Composite index added 0.2 per cent to 3,241.82.
In Tokyo, the Nikkei 225 index lost 0.3 per cent to 38,451.46. In South Korea, the Kospi shed 0.2 per cent to 2,523.55. Australia’s S&P/ASX 200 edged 0.2 per cent lower to 8,310.40. The Sensex in India declined 0.6 per cent and the SET in Bangkok lost 0.9 per cent.
In other dealings early yesterday, US benchmark crude oil rose 39 cents to USD78.24 per barrel. Brent crude, the international standard, was up 29 cents at USD81.58 per barrel.
The US dollar rose to JPY155.76 from JPY155.16 late Thursday. The euro was unchanged at USD1.0301.
On Thursday, US stock indexes drifted lower following a mixed set of earnings reports from Morgan Stanley, UnitedHealth Group and other big companies.
The S&P 500 slipped 0.2 per cent as drops for some influential stocks like Tesla outweighed advances.
