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US stocks mixed after weak US, China data

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Via Fox Business

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.

The two Chinese economic reports reversed positive investor sentiment that stemmed from President Trump saying late Tuesday on Twitter that a U.S.-China trade deal could be possible soon.

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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.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 25502.65 -29.40 -0.12%
SP500 S&P 500 2822.11 -12.30 -0.43%
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.

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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.


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