US stocks mixed after weak US, China data
U.S. stocks were mixed Wednesday as China reported surprisingly weaker growth in retail sales and industrial output last month and American retail sales and industrial production for April came in weaker than expected.
China said its April retail sales grew at an annualized rate of 7.2 percent, the slowest pace in 16 years and well below the 8.6 percent that had been forecast.
In addition, U.S. retail sales unexpectedly fell 0.2 percent in April versus estimates for a 0.2 percent rise. Further, American industrial production fell last month on a big drop in the production of autos and auto parts.
|I:DJI||DOW JONES AVERAGES||25502.65||-29.40||-0.12%|
|I:COMP||NASDAQ COMPOSITE INDEX||7723.664115||-10.83||-0.14%|
The disappointing reports and ongoing trade tensions fueled fears about slowing global growth. That has the yield on the 10-year Treasury note touching a seven-week low of 2.36 percent early Wednesday, which is only slightly above the 2019 low of 2.34 percent on March 28, which, in turn, was also the lowest since December 2017.
China’s Shanghai Composite closed up 1.91 percent, the Hang Seng ended higher by 0.52 percent and Japan’s Nikkei 225 finished down 0.58.
Britain’s FTSE 100 was off 0.03 percent, France’s CAC 40 was down 0.33 percent and Germany’s DAX fell 0.44 percent.