Asian stock markets were lower today (October 27th) as investors awaited the outcome of an economic planning meeting in China.
The Central Committee, China's ruling Communist Party, opened a four-day meeting yesterday that will set up an economic and social development blueprint over the next five years. It will focus on financial reforms and how to maintain growth of around seven per cent.
China has downplayed its own economic growth target ahead of the meeting to ease ongoing concerns over slowing growth. "We have never said that we would defend a certain percentage point to the death," said Chinese Premier Li Keqiang in a speech Friday.
The meeting takes place as government officials are under pressure to revive confidence in the country's economy and its commitment to economic reform.
Investors also focused on the US Federal Reserve, which starts its two-day meeting later today. Analysts believe a rate rise is not likely this year due to recent data which suggests the economic recovery remains uneven.
Japan's Nikkei 225 dropped 0.9 per cent to 18,777.04 and South Korea's Kospi edged down 0.2 per cent to 2,044.65. Hong Kong's Hang Seng added 0.1 per cent to 23,142.73 and China's Shanghai Composite advanced 0.1 per cent to 3,434.34.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.