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European Shares Set To Open Lower As Growth Worries Resurface

stockmarkets dec21 18oct19 lt

European stocks may open slightly lower on Friday amid growth worries after official data showed that China's economy grew at the slowest rate in nearly three decades in the third quarter, raising pressure on policymakers to roll out more measures.

China's GDP grew 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter, the National Bureau of Statistics said. This was the slowest growth since early 1990s. Growth was forecast to slow marginally to 6.1 percent.

Industrial production advanced 5.8 percent annually in September after rising 4.4 percent in August and 4.8 percent in July. Output was expected to climb 4.9 percent.

Annual growth in retail sales increased to 7.8 percent, in line with expectations. During January to September, fixed asset investment grew 5.4 percent, which was slightly slower than the forecast of 5.5 percent increase.

Asian markets remain mostly lower, the dollar declined and gold held steady while oil remains little changed.

Overnight, U.S. stocks eked out modest gains as a string of earnings topped forecasts, Turkey agreed to pause its Syria assault, and U.K. and EU negotiators reached a last-minute agreement on a draft Brexit deal.

The Dow Jones Industrial Average edged up 0.1 percent, the tech-heavy Nasdaq Composite gained 0.4 percent and the S&P 500 added 0.3 percent.

European markets ended mixed on Thursday as upbeat statements from Beijing and Washington on the trade front were offset by doubts over whether a Brexit deal can win the approval of fractious British parliament.

The pan European Stoxx 600 edged down 0.1 percent. The German DAX slid 0.1 percent and France's CAC 40 index dropped 0.4 percent while the U.K.'s FTSE 100 rose 0.2 percent.

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