Morning Bid: China rate cuts looming, US booming
The trading week in Asia opens against an increasingly bullish global backdrop fueled by continued strength in U.S. stocks, but with local sentiment more circumspect due to the uncertainty surrounding China's deep-rooted economic problems.
The PBOC also on Friday unveiled new measures to inject more than $100 billion into the country's stock market, which helped lift Shanghai's blue chip equity index by 3.6%, while theChina's economic"data dump" on Friday wasn't as bad as many feared it could have been, and annual GDP growth in the third quarter was slightly above consensus at 4.6%.
The U.S. juggernaut, meanwhile, keeps rolling on - economic data are beating expectations, GDP growth is tracking well over 3%, incoming earnings are strong, and Wall Street is hitting new highs.
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