LONDON: World stocks nudged down on Thursday as Chinese economic data slowed in October and Germany only narrowly avoided a recession in the third quarter, adding to worries about the global growth fallout from the U.S.-China trade war.
"Obviously it's better than expected, but actually I would argue is that it's a hollow victory because in effect it makes a fiscal response less likely," said Michael Hewson, chief markets analyst at CMC Markets in London, referring to the German data. China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on broad segments of the world's second-largest economy.
China's industrial production growth slowed sharply in October, with the 4.7per cent year-on-year rise well below forecasts for 5.4per cent. Investment growth hit a record low and retail sales also missed expectations. Protesters paralyzed parts of Hong Kong for a fourth day, forcing school closures and blocking highways and other transport links in a marked escalation of unrest in the financial hub.In currency markets, safe havens such as the Japanese yen and Swiss franc gained.
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