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Chinese shares rise as growth slightly beats expectations | |
(about 2 hours later) | |
Chinese stocks are trading higher as third quarter growth data comes in slightly ahead of expectations. | |
The world's second-largest economy grew by 6.9% - below the official 7% target but still better than widely predicted. | |
China's growth data is closely watched as a major economic driver for the region as well as for the the global economy. | |
The country's main index, the Shanghai Composite, was up by 0.3% at 3,402.61 points. | |
In Hong Kong, the Hang Seng, though, fell by 0.3% to 22,994.38. | |
The region's largest market, Japan's Nikkei index, was down 0.6% at 18,177.43 points. | |
South Korea's Kospi was flat in early trade at 2,030.08 points. | |
Stocks were also affected by the strengthening of the won currency affecting the results outlooks for export-oriented sectors such as cars and technology. | |
Shares in Kia Motors rose more than 1% on news that sales in Europe were at a record high. | |
In Australia, the S&P/ASX 200 index also traded flat at 5,270.30 points. | |
Mining stocks were pulled down by the anticipation of slowing economic growth in China, with BHP Billiton, Rio Tinto and Newcrest all falling in early trade. | Mining stocks were pulled down by the anticipation of slowing economic growth in China, with BHP Billiton, Rio Tinto and Newcrest all falling in early trade. |
China is the biggest export market for Australian commodities. | China is the biggest export market for Australian commodities. |
The biggest rise in Sydney was Treasury Wine Estates, whose shares surged more than 11% after last week's news that the company will buy most of the wine business of Britain's Diageo. |