World stocks rally falters as oil offers support

World stocks rally falters as oil offers support

World stocks rally falters as oil offers support

LONDON: A global stocks rally stuttered on Wednesday as dealers mulled Chinese growth numbers, ahead of the final US presidential debate and on the eve of a eurozone interest rate decision.But rising oil prices after a surprise drawdown in US stockpiles kept equities in mildly positive territory, dealers said.London, Frankfurt and Paris all showed small gains at the close after pulling back from early weakness as Wall Street edged up in early trading.European shares markets were handed an underwhelming session from Asia, where Shanghai finished flat and Hong Kong dipped, while Tokyo, Sydney and Singapore found higher ground.China’s economy grew 6.7 per cent in the third quarter from July-September, compared with a year earlier, data showed Wednesday.That matched the annual clip from both the first and second quarters, and chimed with expectations – but raised eyebrows among some analysts.Mike van Dulken, research boss at traders Accendo Markets, said equities were lacklustre as “investors digest suspiciously stable China GDP growth, whilst gearing up for another round of Trump versus Clinton – and pondering what Mario Draghi and his European Central Bank will do”.In the US, petroleum-linked equities rose with oil prices in opening trading.”A decline in production in China, and Russian comments about possible co-operation with Saudia Arabia pushed prices higher, along with a slightly weaker dollar,” said Wayne Heap, an analyst at Love Energy.Democrat Hillary Clinton and her Republican rival Donald Trump wade into their last presidential debate later Wednesday, with the latter sliding in opinion polls amid allegations of sexual misconduct and wild charges of a “rigged” US election.Dealers will also be keenly following an ECB meeting on Thursday after speculation it is considering tapering its vast quantitative easing stimulus.Despite the chatter, many analysts expect it to maintain its easing programme and possibly flag fresh measures in December.China’s latest growth figures meanwhile came as some relief following a years-long slowdown in China…

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