China announced that its economy grew at a slower-than-expected 4.7 per cent annual pace in the most recent quarter. Asian shares started the week trading mixed.
The market reaction to the shooting at a Donald Trump rally in Butler, Pennsylvania, which is being investigated as an assassination attempt on the front-runner for the Republican nomination.
China's economic growth
The second-biggest economy in the world expanded by 4.7 per cent in April–June, according to official data—the lowest growth rate since the first quarter of 2023 and a departure from the 5.1 per cent analyst forecast in a Reuters poll. It also decelerated from the 5.3 per cent expansion of the preceding quarter.
The consumer sector was especially concerning, as deflationary pressures drove businesses to slash prices on everything from cars to food to clothes, resulting in an 18-month low in retail sales growth.
US Index levels
The S&P 500 ended the week with a 0.6 per cent gain, marking its fifth consecutive winning week. The Nasdaq composite gained 0.6 per cent and the Dow Jones Industrial Average increased by 247 points, a 0.6 per cent jump. During afternoon trading, all three indexes were headed toward record highs, but they ended short of those targets.
At 5,615.35, the S&P 500 increased by 30.81 points. The Nasdaq composite gained 115.04 to 18,398.45, while the Dow Jones Industrial Average gained 247.15 to 40,000.90.
Dow jones index |
The market recovered after a dip the day before, which had halted the rocket ride higher amid a frenzy surrounding artificial intelligence technology, thanks in part to Nvidia and other highly influential Big Tech stocks.
Hang seng index |
Asian Index levels
Early on Monday, the selling of real estate developers caused Hong Kong's Hang Seng to drop 1.1 per cent to 18,094.22. The Shanghai Composite fell 0.1 per cent, at 2,969.46.
Tokyo's markets were closed on this public holiday.
