The Daily Chase: China’s growth walloped in Q3; Hexo hunts for new CEO
BNN Bloomberg
China’s economy fell victim in the third quarter to domestic forces and the same global macro challenges that we’re talking about every day.
China’s economy fell victim in the third quarter to domestic forces and the same global macro challenges that we’re talking about every day. Output rose 4.9 per cent year-over-year in the period, compared to the second-quarter growth spurt of 7.9 per cent. Other than consumption, the underlying factors were weak as industrial production and fixed-asset investment expanded less than anticipated. And in a sign of apprehension in the property market amid China Evergrande Group’s debt woes, home sales in China sank 16.9 per cent last month. Nonetheless, the head of the People’s Bank of China said yesterday that his country’s economy is set to outpace the official growth target.
TSX ON A ROLL
The S&P/TSX Composite Index heads into today riding an eight-session winning streak that took it to a record close on Friday even though more than half its components closed lower on the day. Worth pointing out here that West Texas Intermediate crude hit another seven-year high this morning as it traded close to US$84 per barrel. Meanwhile, U.K. natural gas futures shot up as much as 15.6 per cent after the Bloomberg terminal pumped out a headline about Russia limiting the supply of natural gas to Europe next month.
POT SECTOR GROWING PAINS
Sebastien St-Louis is out as chief executive of Hexo. It’s an abrupt move, without a successor in place. No specific reason for his departure was stated. Naturally, Dave is looking into this and will put it in the context of a broader reset facing the industry.
BIG WEEK FOR BANK OF CANADA
