Watch CBSN Live

Europe stocks higher, Asia stable after China growth data

TOKYO - European shares were mostly higher Monday while Chinese markets zigzagged after quarterly growth figures countered pessimism about the world's No. 2 economy. Other Asian markets ended little changed.

France's CAC 40 added 0.5 percent to 4,724.48 in early trading and Germany's DAX rose 0.8 percent to 10,186.37. Britain's FTSE 100 inched down 0.1 percent to 6,369.20.

U.S. markets looked set for a lower open, with both Dow and S&P 500 futures down 0.2 percent.

Data released Monday showed that China's economic growth decelerated in the latest quarter but relatively robust spending by Chinese consumers helped to avert a deeper downturn. The world's second-largest economy grew by 6.9 percent in the three months ended in September, down from the previous quarter's 7 percent and the slowest since early 2009 in the aftermath of the global crisis. Growth of 6.8 percent had been forecast by analysts.

"Markets have clearly been buoyed by the better than expected headline number, and it shows that China's economy has not deteriorated as much as some had thought," said Angus Nicholson, analyst at IG, in a market commentary. "Although growth may be holding up in national headline figures, north and northeast China are basically having a regional recession with their heavy exposure to commodities and over-capacity secondary industries. How China lessens some of the strain they are suffering is still an open question for the government."

Japan's Nikkei 225 fell 0.9 percent to 18,131.23 and China's Shanghai Composite Index trimmed early gains to end little changed, losing 0.1 percent to 3,386.70. Hong Kong's Hang Seng was stable, ending up 0.04 percent at 23,075.61 and South Korea's Kopsi was flat at 2,030.27. Australia's S&P/ASX 200 inched up 0.03 percent to 5,269.70. Other regional benchmarks were mixed, higher in Taiwan and Indonesia, but lower in Thailand and Singapore.

Benchmark U.S. crude slipped 41 cents to $46.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 88 cents to close at $47.26 in New York on Friday. Brent crude, used to price international oils, fell 52 cents to $49.94. It rose 73 cents to close at $50.46 a barrel in London.

The dollar fell to 119.33 yen from 119.43 yen on Friday. The euro rose to $1.1357 from $1.1348.

View CBS News In
CBS News App Open
Chrome Safari Continue