Portugal Colonial - Global markets mixed as investors weigh earnings and China GDP

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Global markets mixed as investors weigh earnings and China GDP

Global markets mixed as investors weigh earnings and China GDP

Global stock markets went different directions on Friday as investors weighed better-than-expected Chinese economic growth data, a eurozone interest-rate cut and strong US corporate earnings.

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In New York, all three major indices on Wall Street finished higher Friday, as a strong string of earnings results helped drive the Dow and the S&P 500 to new all-time highs.

"Earnings was a big positive part of the story today," Edward Jones senior investment strategist Angelo Kourkafas told AFP. "Technology stocks are the ones leading the gains and helping the S&P reach its sixth consecutive weekly gain."

Netflix's earnings results and positive reports on Apple's iPhone sales in China were both "helping lift the tech space," he continued, adding that there had also been some positive economic news from China to buoy investors.

Shares in the streaming giant closed up 11.1 percent after it announced it had gained 5.1 million additional paying subscribers in the last quarter. That beat analysts' expectations of a gain of 3.85 million, according to a consensus figure established by FactSet.

Paris and Frankfurt advanced following the European Central Bank's decision on Thursday to cut rates for the third time this year as inflation returns to normal levels.

But London's FTSE 100 fell, weighed down by the pound gaining in reaction to official data showing a surprisingly large rise in UK retail sales last month.

- China boost -

Hong Kong and Shanghai moved higher on hopes the Chinese government could reignite the struggling economy, with tech giants and beaten-down developers among the best performers.

China's economy expanded by a slightly better-than-forecast annual rate of 4.6 percent in the third quarter, official data revealed on Friday.

But it nevertheless marked the slowest pace of growth since the start of 2023.

Separate data showed that Chinese retail sales and industrial output rose more than expected in September.

"The raft of data... provided an opportunity to show that the economy was on the right path," said Joshua Mahoney, chief market analyst at Scope Markets.

China's central bank launched a new bid to boost markets and hinted at a further rate cut in coming months as it aims to hit its annual growth target of five percent this year.

State media reported that top banks had cut rates on yuan deposits on Friday for the second time this year to boost lending.

"The latest supports are very welcome," said Harry Murphy Cruise, an economist at Moody's Analytics, adding that the move was likely to "propel" the economy to its target for the year.

"But more is required if officials are to address the structural challenges in the economy," he added.

Elsewhere in Asia, Tokyo closed higher thanks to a weaker yen boosting exporters.

And Taipei jumped on a near five-percent rally in chip titan TSMC, a day after it reported a bigger-than-expected increase in net profit for the third quarter and raised its growth forecasts thanks to strong demand for AI tech.

- Key figures around 2030 GMT -

New York - Dow: UP 0.1 percent at 43,275.91 points (close)

New York - S&P 500: UP 0.4 percent at 5,864.67 (close)

New York - Nasdaq: UP 0.6 percent at 18,489.55 (close)

London - FTSE 100: DOWN 0.3 at 8,358.25 (close)

Paris - CAC 40: UP 0.4 percent at 7,613.05 (close)

Frankfurt - DAX: UP 0.4 percent at 19,657.37 (close)

Tokyo - Nikkei 225: UP 0.2 percent at 38,981.75 (close)

Hong Kong - Hang Seng Index: UP 3.6 percent at 20,804.11 (close)

Shanghai - Composite: UP 2.9 percent at 3,261.56 (close)

Euro/dollar: UP at $1.0868 from $1.0830 on Thursday

Pound/dollar: UP at $1.3047 from $1.3013

Dollar/yen: DOWN at 149.45 yen from 150.23 yen

Euro/pound: UP at 83.30 pence from 83.22 pence

West Texas Intermediate: DOWN 2.1 percent at $69.22 per barrel

Brent North Sea Crude: DOWN 1.9 percent at $73.06 per barrel

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P.Mira--PC