Traders Remain Cautious Amid Mixed Economic Signals from China
Asian stocks traded cautiously on Friday after receiving mixed signals regarding China's economic status, with a growth rate of 4.6% in Q3. The US dollar remained strong thanks to robust US economic data, affecting global markets. Additionally, geopolitical tensions drove gold prices to record highs while technology giants such as Nvidia saw notable growth.
Asian stocks traded cautiously on Friday following mixed indicators on China's economic health.
In the third quarter, China's economy grew by 4.6% year-on-year, marking its slowest pace since early 2023.
The Federal Reserve may not cut US interest rates aggressively, as US economic data remains robust, keeping the dollar near an 11-week high.
The SET index in Thailand moved between 1,461.01 and 1,506.82 points, closing at 1,489.82, up 1.3% from the last week.
Institutional investors and brokerage firms were net buyers, while retail and foreign investors sold off.
The European Central Bank reduced interest rates to 3.25%, citing cooling inflation.
Elsewhere, Japan faced depreciating yen challenges, and gold surged past $2,700 an ounce amid geopolitical concerns.
In the global market, smartphone shipments rose 5%, while China's oil demand dropped for the fourth consecutive month.
Additionally, the IMF warns that global public debt could exceed $100 trillion, and Russia plans to propose a new international payments platform for BRICS nations.
Major companies like TSMC and Nvidia reported significant financial gains, whereas regional developments included Thailand cutting its policy interest rate to support loan growth and Vietnam planning a new railway to China at a cost of $7.2 billion.
Economic updates for the coming week include Germany's producer prices and the BRICS summit in Russia.