Chinese GDP Figures Were Mostly In Line With Expectations
Asian stocks rose modestly and crude oil prices nudged up on Tuesday after Chinese GDP figures were mostly in line with expectations. China’s economy grew 6.8 percent in the fourth quarter from a year earlier, the data showed, the slowest growth since 2009. Industrial output in December rose 5.9 percent from a year earlier, compared with forecasts for a 6.0 percent increase. The lack of negative surprises offered the market a slight reprieve following a tumultuous start to 2016 as concerns about China’s economic health weighed heavily on global growth prospects.
China’s growth is decelerating as its traditional industrial businesses struggle with excess capacity and dwindling demand. A slump in new housing construction is hurting consumption of building materials including steel, cement and glass, even as home prices show signs of a rebound.