Residents shop at a supermarket in Zaozhuang, China, on October 13, 2024.
Costfoto | Nurphoto Getty Images
This report is from today’s CNBC Daily Open, our international market newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. As you see? You can subscribe here.
What you need to know today
Better-than-expected growth for China
China’s third-quarter gross domestic product increased 4.6% year-on-year, according to the National Bureau of Statistics. Although higher than the 4.5% in the Reuters poll, this followed second quarter growth of 4.7%. On a quarterly basis, China’s economy grew by 0.9% in the third quarter.
China and US retail sales will be strong
China’s retail sales for September rose 3.2% from a year ago, the National Bureau of Statistics said. That’s better than the 2.5% estimate in the LSEG poll and the August figure of 2.1%. Across the Pacific, US retail sales rose 0.4% in September. That’s higher than the 0.1% gain in August and the Dow Jones forecast of 0.3%.
Dow bucks the trend to rise
US markets were mixed on Thursday. At Dow Jones Industrial Average added 0.37% to close at another record high. But the S&P 500 and Nasdaq Composite they are usually the same. Asia-Pacific markets were mixed on Friday. Chinese Shanghai Composite rose around 1.5% on positive economic data and suggestions by the governor of the central bank of Beijing that can ease monetary policy further.
Alternative deal for Altera
Intel looking at a deal to sell Altera units for around $17 billion, according to people who asked to remain anonymous to talk about confidentiality. Just last month, Intel CEO Pat Gelsinger said that Altera is a core part of Intel’s future. Altera produces a type of semiconductor that can be reprogrammed, unlike CPUs.
(PRO) Soaring small cover
Unlike big companies, small companies don’t have the burden of negotiating low-rate loans, for example, or cash moats to withstand fluctuations in consumer habits. Therefore, when the US Federal Reserve cuts interest rates, small stocks tend to benefit more. And they just hit a height not seen in three years.
Bottom line
The Bottom Line is taking a break today. Normal programming will resume on Monday, October 21, 2024.
