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Chinese Data Causes Panic in Asian Market on Slowing Down Retail Sale Data

The economic data from China is triggering fresh problems in the global markets.

On Friday, the U.S. stock futures were in the negative zone as it slid into the red with investor optimism going down.

China, with the second-biggest economy, leads the global markets. But data released on retail sales and industrial output for November was less than estimates. This created a panic in investors and fresh selling was seen.

However, the National Bureau of Statistics of China has calmed investors from panic by saying that the country’s performance is “within a reasonable range”.

The optimism that came from the cooling down in the U.S. and Chinese trade tariff has come to an end too soon, on worries over the Chinese economy, says Stephen Ines, the head of Oanda’s Asia Pacific Trading.

The industrial output has seen a weak rise over the past three years while retail sales have seen the weakest growth since 2003. The talks between the U.S. and China are still holding the market says Mizuho Securities Chief Strategist Nobuhiko Kuramochi.

The Asian markets were trading in the negative territory on data released from China. The Hang Seng Index of Hong Kong was down by 1.6 percent. The Nikkei 225 Index saw a drop of 2 percent. European SXXP was also trading in the red with a downward curve of 0.94 percent.

Shanghai Composite declined by 0.9 percent.

On Thursday, the Dow was up with a weekly gain by 0.9 percent. The S&P Index was up by 0.7 percent. The Nasdaq Composite was up by 1.5 percent.

Meanwhile, the crude was down by 0.21 percent. Precious metal gold was in the red with a decrease of 0.37 percent.

The Yuan of China was weak by 0.2 percent as it was seen trading at 6.8910 a dollar. The U.S. dollar was up by 0.40 percent.

All eyes are now on the U.S. markets

William McLean

William Born on August 2, 1989, in New York City, William developed a passion for reading at an early age, and demonstrated a gift for writing during his school years. He published numerous poems, short stories and plays in the magazine, and his early work showed an understanding for sophisticated literary devices in a writer of such a young age.He covers topics like health and science

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