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MTECHTIPS:-NYMEX crude weaker in Asia as China econ data mixed, GDP gains noted

MTECHTIPS:-NYMEX crude weaker in Asia as China econ data mixed, GDP gains noted

Crude oil fell in Asia on Monday as investors noted mixed economic data out of China that showed slightly better GDP growth figures than expected. On the New York Mercantile Exchange, crude oil for delivery in November fell 0.17% to $47.64 a barrel. In China, third quarter GDP rose 1.8%, a tad better than the 1.7% gain seen and at an annual pace of 6.9%, also beating the expected 6.8% rise expected. Fixed asset investment rose 10.3%, below the gain of 10.8% seen year-on-year in September and industrial output rose 5.7%, well below the expected 6.0% gain year-on-year in September, while retail sales rose 10.9%, above the 10.8% seen in the same period. The data is closely watched amid fears that a China-led slowdown in global growth could prompt the Fed to delay hiking rates for longer. Earlier, Bank of Japan Governor Haruhiko Kuroda on Monday said the central bank will make necessary adjustments to its aggressive easing while monitoring risks to growth and inflation. “The QQE (quantitative and qualitative monetary easing) has been exerting its intended effects,” he said to a meeting of bank staff. He also repeated the BOJ’s mantra that it will continue with QQE, aiming to achieve the price stability target of 2%, “as long as it is necessary for maintaining that target in a stable manner.”

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