Shado Baker
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Shado Baker in Asian Markets,

China data show slowing, but markets cheer the numbers

Chinese economic data out Tuesday showed slowing, but stocks mostly improved as some of the numbers were better than expected. Third-quarter gross domestic product rose 7.3% compared to the year-earlier period, easing from 7.5% growth in the second quarter but slightly besting a 7.2% rate predicted in a Wall Street Journal survey of economists. September industrial output saw a bigger beat, rising 8% from a year earlier to rebound from August's 6.9% growth and surpass a 7.5% increase tipped in separate Reuters and Wall Street Journal polls. September retail sales slowed from August, however, rising 11.6% from a year earlier, compared to the previous month's 11.9% increase. Reuters had tipped an 11.7% gain. Fixed-asset investment, a gauge of construction activity reported on a year-to-date basis, was up 16.1% in the January-September period, just below a 16.2% prediction in the Wall Street Journal survey. Following the numbers, Hong Kong's Hang Seng Index HSI, -0.06%was up 0.5%, improving on a 0.3% gain ahead of the data. The Australian dollarAUDUSD, +0.35% often sensitive to economic news from Australia's top trading partner, rose to 88.03 U.S. cents from 87.75 U.S. cents, while the S&P/ASX 200XJO, +0.11% was up 0.2% in Sydney, compared to a 0.1% rise pre-data. The Shanghai Composite Index SHCOMP, -0.72% however, held to a 0.1% advance.