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October 19, 2024

Global News Of Note: China’s Economy Slows, But Steel Exports Pick Up

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

  • As Reuters reported, in the third quarter China’s economy grew at the slowest pace since early 2023 even though consumer consumption and factory output growth beat analysts’ forecasts. Specifically, China’s economy grew 4.6 percent from July to September, a number that was slightly higher than the 4.5 percent average forecast from a Reuters poll, but below the 4.7 percent growth rate posted in the second quarter.
  • This past September, Chinese steel exports hit their highest level since 2016. Specifically, according to Bloomberg, the latest monthly figure of 10.2 million tons brings year-to-date volumes to nearly 81 million tons, up 21 percent from a year earlier. “A subdued domestic market has spurred Chinese traders to send as much material as possible overseas. Steel is one of the commodities most affected by the protracted slump in China’s property market,” reported Bloomberg.

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