[ad_1]
US economic indicators took a back seat despite the NY Empire State Manufacturing Index rising more than expected in April.
Overnight, news of President Trump imposing export restrictions on Nvidia’s (NVDA) H20 chip dragged US futures markets lower, setting a negative tone for the Asian market session on Wednesday, April 16. The Nasdaq 100 Futures fell 265 points, while the Dow Jones Futures dropped 117 points.
China GDP Beats Forecasts But Tariffs Weigh on Outlook
China’s economy expanded by 5.4% year-on-year in Q1 2025, matching Q4 2024 growth and beating the 5.1% forecast.
March retail sales, unemployment, and industrial production figures also exceeded expectations. However, the market reaction was muted amid escalating US-China trade frictions. Alicia Garcia Herrero, Asia Pacific Chief Economist at Natixis, remarked:
“China’s first quarter GDP data is out and it is very positive (5.4% versus 5.2% estimated by consensus) but nobody cares. Hong Kong’s stock market and Asia’s, more generally falling. Tariffs and a decelerating global economy (led by the US) are just much more important.”
Hang Seng Index Slides on Trade Risks
[ad_2]
