Data Shows China’s Economy Slows, Contrary to Government Reports (Bloomberg)
China’s economy slowed this quarter as growth in manufacturing and transportation weakened, contrary to the government’s reports of an expansion pickup, a private survey showed. Official statistics suggest that growth is stabilizing in China and manufacturing is on the upswing in the world’s second-biggest economy but a private survey by China Beige Book International showed a slowdown. China Beige Book International found that expansion slowed in the manufacturing, transportation, mining and construction sectors during the third quarter. In contrast, official government figures show China’s factories are gaining steam. The divergence shows the “conventional wisdom of a renewed, strong economic expansion in China to be seriously flawed,” said China Beige Book’s Leland Miller and Craig Charney. “These results are not catastrophic, but neither do they indicate growth is picking up.”
Despite the initial sharp rally in the markets after Fed Chairman Ben Bernanke's surprise announcement to hold off on tapering, U.S. stock markets ended the week on a down note. The Dow Jones fell 1.26% and the S&P 500 fell 0.43%. The MCSI Emerging Markets Index bucked the trend and ended the week 0.82% higher.
It was, however, an excellent week for your Alpha Investor Letter portfolio. Big gainers in your portfolio included several bets on Asia with iShares MSCI Singapore Small Cap
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