Bitcoin, Korea’s Kospi and Nasdaq futures rally as China GDP beats estimates
- Global markets rallied Monday as stronger Chinese economic data and lower oil prices revived investors’ appetite for risk.
- Bitcoin traded near $82,500, while Nasdaq futures gained more than 1% and major Asian stock indexes advanced after last week’s technology-led losses.
- China’s economy grew 4.5% from a year earlier in the third quarter, while retail sales exceeded expectations and signaled stronger domestic demand.
Financial markets are a sea of green on Monday as upbeat China data and lower oil prices revive investor risk appetite.
Starting with bitcoin. The leading cryptocurrency by market value was trading around $82,500 at the time of writing, up 0.7% since midnight UTC and 1.3% over the past 24 hours. Nasdaq futures rose more than 1%, alongside a 1.8% gain in Japan’s Nikkei and a 0.6% advance in South Korea’s Kospi. Those markets took a beating last week, led by losses in AI-related shares.
Elsewhere, Chinese stocks were up 0.3%. Gold was largely unchanged near $4,180, while the Dollar Index held near Friday’s lows, below 102.
China’s gross domestic product (GDP) grew 4.5% year on year in the third quarter, according to data from the National Bureau of Statistics released Monday. That was faster than the second quarter’s 4.3% pace. Other data also pointed to stronger domestic demand in the world’s second-largest economy. Retail sales of consumer goods rose 1.1%, more than double the 0.5% increase expected and up from 0.4% the previous month.