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Asian stocks were mixed while the offshore Chinese yuan spiked after data showed July export and import growth in China had fallen well below forecasts. Export growth is at its lowest since February while import growth was the lowest this year. There is a perhaps misplaced assumption from most market participants that Chinese authorities will keep the economic party going until at least the People’s Party Congress in October.
The weak economic data from China is weighing on stocks in Europe which look set to open lower despite a positive finish on Wall Street where the Dow Jones broke above 22,100. Europe’s hefty trade relationship with China makes the figures worrisome for future earnings growth. China-sensitve mining stocks are likely to be a focal point of weakness on the FTSE 100 where investors will be assessing results from Worldpay, Standard Life, IHG and Paddy Power amongst others.
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