US MARKETS

Chinese stocks traded in US barely affected by China growth numbers

PUBLISHED : Tuesday, 20 October, 2015, 1:11am
UPDATED : Tuesday, 20 October, 2015, 1:11am

US-listed Chinese stocks barely moved in early New York trading after official mainland growth numbers came in largely on target.

Alibaba Group, China biggest online retailer, saw its American depository receipts trade flat at US$72, while internet search giant Baidu rose just 0.2 per cent to US$151.29.

China’s statistics bureau said on Monday that gross domestic product rose by 6.9 per cent in the third quarter year on year, in inflation-adjusted terms, easing from 7 per cent growth year on year in the first half and 7.3 per cent in the same period in 2014. The result was the slowest quarterly growth rate since the first quarter of 2009.

Data for the month shows China’s consumer spending grew 10.9 per cent on year, beating expectations for 10.8 per cent growth, though this upside boost did little to excite US traders.

Online travel agency Ctrip slipped 0.15 per cent to US$70.94. Car sale site Autohome fell 2.2 per cent to US$35.08 and Bitauto dropped 3.29 per cent to US$32.64 with both stocks underperforming the broader mainland market indices.

 

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