Figures from Chinese authorities show Friday that industrial production in the country rose 7.2 percent on an annual basis in November.
The growth rate is the weakest in three months and was below the median estimate of 7.5 percent in A Bloomberg survey.
Closure of factories deteriorated according to news agency braking in the industry.
– The figures were probably distorted by the temporary shutdown initiated during APEC meeting in Beijing, wrote the chief economist for China, Wang Tao, with UBS Group in Hong Kong in a note before the figures.
– However, the underlying trend is likely to remain weak, he wrote.
Muted market rises
The figures put a damper on Asia’s stock exchanges Friday.
In Tokyo pulls Nikkei albeit up 0.7 percent, while the broader Topix index put on 0.2 percent.
Shanghai Stock Exchange, however, is relatively flat. The same is the Hang Seng in Hong Kong.
Taiwan Stock Exchange and Kospi index in Seoul pulls up respectively. 0.2 and 0.3 percent, while exchanges in Sydney and Mumbai both pulls down 0.2 percent.
Follow developments here.
WTI oil on 50- century
WTI oil dropped below $ 60 in New York yesterday, and the fall was according Blooomberg compounded by OPEC’s three largest member states, Saudi Arabia, Iraq and Kuwait has granted the largest price cuts to Asia at least six years.
While this affects manufacturers and nourishes deflation fears for some central banks, can American consumers put more money in your pocket, as employment increases and the Federal Reserve considers when interest rates should be increased.
– The collapse in oil prices will come the big oil consumers to good, including the United States, India and Indonesia, while Russia and Middle Eastern countries affected, says commodity analyst Hong Sung Ki at Samsung Futures in Seoul news agency.
– For Japan and European countries who worry about deflation, the falling oil prices allow for a more aggressive monetary policy, he adds.
– Focus on demand
Having been down to $ 58.85, says WTI oil Friday morning in $ 59.38 a barrel, down one percent in today’s trading.
Brent January oil traded $ 63.43 a barrel, down 0.4 percent in the current trading. Lowest quotation here is $ 63.00.
– The weakness in oil prices over the last few days have been a feature of the concern shifts slightly above the demand side now, says chief analyst for commodities in Asia, Mark Keenan, with Societe Generale Singapore said.
– Investors may have overlooked some how demand profile for next year looks, he adds.
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