Asian Stocks Slump as Weak Data Damps Recovery Hopes; US Markets Inch Higher on Inflation Optimism
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Asian stocks fell on Thursday as fresh Chinese data showed weakness in the property sector, denting optimism about a recovery in China's economy.
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Japan's exports grew slower in October due to slumping China-bound shipments, indicating slowing global economic growth.
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European markets were set to open lower on Thursday. MSCI's Asia-Pacific index outside Japan fell 0.4%.
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Investors were disappointed by the Biden-Xi talks lacking major breakthroughs. Chinese stocks fell, with Shanghai's CSI300 down 0.72%.
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On Wednesday, US stocks closed slightly higher as inflation data reinforced hopes the Fed is done raising rates. Retail stocks rose on Target's upbeat forecast.