China’s gross domestic product rose 6% in the three months to September, the slowest pace since the early 1990s, and below consensus forecast. A slowdown in investment was the main driver for the lower-than-expected number. Investors are looking to a meeting of the Communist Party’s top leadership, due in the coming days, for a possible review of stimulus measures. There is a feeling, however, that officials are allowing growth to run a little slower as they seek to clean up the financial system and deal with excess leverage. The country’s benchmark Shanghai Composite Index closed 1.3% lower in the wake of the data. (Bloomberg)
The U.S. is slapping tariffs on $7.5B worth of European goods today. Aircraft produced in the European Union will be slapped with 10% tariffs, while a group of consumer products that includes wine, whiskey and cheese will be slapped with 25% tariffs. Earlier this week, the World Trade Organization cleared Washington to take action after concluding that Airbus received billions of dollars in illegal subsidies over the years. (SA)
In earnings news, Coca-Cola has lifted guidance for annual revenues and profits after demand for its eponymous drinks brand and new products boosted quarterly results. Shares rose 1.9 per cent in pre-market trading on Friday to $54.81 after the Atlanta-based company said third quarter organic revenues rose 5 per cent. Net income climbed from $1.81bn a year ago to $2.59bn. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.