After a week of worldwide stock market records, Friday seems set for a breather - with attention switching to the deepening Chinese housing bust and sweeping...
After a week of worldwide stock market records, Friday seems set for a breather - with attention switching to the deepening Chinese housing bust and sweeping government plans to stop the rot there.
But as the Sino-U.S. geopolitical rivalry intensified this week with new trade tariffs from Washington and the Russia-China summit in Beijing, market attention switched to the health of the world's second biggest economy and data showing accelerating home price deflation there. With 4.25 billion square feet of new housing for sale in January-March, up 24% year-on-year, analysts at Tianfeng Securities estimate it will cost around $1 trillion to buy the entire stock.
The renewed Chinese export push that unnerves western governments and is prompting renewed trade tensions saw industrial production growth beat expectations, however, and accelerate to an annual 6.7% last month. In corporate results, WalMart was a standout and its stock rose 7% after the retail giant raised its fiscal 2025 sales and profit forecast, betting on easing inflation to further boost demand for essentials.
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