Chinese data drives miners higher

In mid-morning trading the FTSE 100 is up 27 points at 6294 as traders take time to digest China’s figures. 

Chinese flag on a boat
Source: Bloomberg

In London the equity market is eerily quiet. The numbers out overnight from China were good and bad at the same time, and the growth figures exceeded estimates but also confirmed the Chinese economy is cooling off. Mining stocks have been under severe pressure lately as traders were preparing themselves for soft figures from China, and now that their suspicions have been vindicated it is a non-event.

ASOS has finally made a positive announcement; full-year profits were higher than expected, even though the end-of-year target was revised lower three times in the last seven months. 

ARM Holdings has given up its early gains. The chip designer reported a double-digit increase in revenue and the royalty stream came in higher than estimated.

Despite a healthy jump in revenue per room with all regions of the company pulling their weight, shares in InterContinental Hotels slipped into the red.

High-street bookie William Hill announced a 13% jump in first-half profits; the online gaming division is performing particularly well. 

In the US, we are expecting the Dow Jones to open five points higher at 16,404.

IBM which is now the third-largest Dow component is down 1.5% in pre-market trading, while Apple is extending its gains from last night’s stellar set of numbers. 

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