Asian stocks up, China’s growth down

In mainland China annual gross domestic product growth slowed to 9 per cent, the lowest in five years, the National Bureau of Statistics (NBS) said on Monday.

For experts cuts in industrial production during the Olympics are to blame. During the Olympic Games the authorities shut down many polluting factories to reduce pollution levels, but foreign demands have also led to lower exports and the housing market has hit a bumpy road.

In Tokyo the Nikkei index gained 2.79 per cent, in Hong Kong the Hang Seng jumped by 4.29 per cent. at the same time Singapore rose by 2.31 per cent; Seoul, by 1.63 per cent; Bangkok by 0.95 per cent and Mumbai by 1.46 per cent. On the other hand, Shanghai lost 0.73 per cent; Taipei, 1.72 per cent; and Manila, 1.69 per cent.

For analysts investors remain cautious to see how the US market evolves. This week many US companies will publish their quarterly results.

So far the financial crisis has been tackled by governments pumping billions into troubled banks and injecting injected capital into money markets.

After the United States, Europe and Japan, the South Korean the government announced a US0 billion package guaranteeing the troubled banking sector’s foreign borrowing and supplying additional funds to banks.

The United States and Europe have decided to meet after the upcoming US elections on 4 November to find new rules to regulate world finance. Emerging countries like China, India, Brazil, Mexico and South Africa should join G8 members for talks.

Meanwhile lower demand has pushed oil prices below US$ 70 per barrel, about 55 per cent lower than last July. OPEC plans to cut production to raise prices.