China’s GDP Grows Less than Expected – 19 October 2020

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The Serum Institute together with Bharat Biotech announced that they are beginning the clinical trials of a nasal coronavirus vaccine, which boosted the enthusiasm and the expectations for having a vaccine before the end of the year.

ChinaThe National Bureau of Statistics of China recently reported Chinese gross domestic product grew by 4.9 percent in the third quarter (year-to-year), worse than the expectations of the surveyed analysts, who foresaw it to be at 5.2 percent, but better than the previous quarter growth, which stood at 3.2 percent. In quarterly terms, the GDP advanced by 2.7  percent, lower than the previous quarter’s 11.5 percent and below the analysts’ expectations, who foresaw it to be at 3.2 percent.

In yearly terms, retail sales went up by 3.3 percent in September, which is better than August’s 0.5 percent and over the surveyed analysts’ expectations, who foresaw a 1.8 percent expansion. Industrial production gained 6.9  percent in September, advancing from the previous month’s 5.6 percent and better than the analysts’ forecasts, who expected it to be at 5.8 percent. Fixed asset investment went up by 0.8 percent (year-to-year), remaining in line with the analysts’ expectations and better than the previous month’s 0.3 percent drop.

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The coronavirus crisis continues advancing across the world, with 40,287,374 reported cases, as well as 1,118,396 total deaths. The United States leads in the number of infections, with 8,387,799 confirmed cases as well as 224,730 total deaths, followed by India, Brazil, and Russia. The Serum Institute together with Bharat Biotech announced that they are beginning the clinical trials of a nasal coronavirus vaccine, which boosted the enthusiasm and the expectations for having a vaccine before the end of the year.

By 5:51 GMT the Nikkei went up by 1.16 percent, hitting the 23,682.00 level, followed by the Hang Seng Index, which gained 0.45 percent, hitting the 24,496.00 level. The Korea Composite Stock Price Index (KOSPI) gained 0.22 percent, hitting the 2,346.63 level, while the Shangai composite dropped by 0.55 percent, falling to the 3,318.05 level.

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