World Stock Markets Trade Near Steady; China Gets Upbeat Economic Data

London (Sept 13)  World stock markets traded near steady to narrowly mixed levels Tuesday, following the strong rebound on Wall Street Monday. U.S. stock indexes are set to open weaker when the New York day session begins. World markets continue to be focused on the major central banks and their monetary policies.

In overnight news, China's National Bureau of Statistics reported Tuesday that the world's second largest economy saw industrial output rise 6.3% in August, year-on-year, versus 6.0% in July. A reading of up 6.2% was expected. China's retail sales and fixed investment also showed good growth rates in August.

In the Euro zone, the closely watched German ZEW current conditions index came in at 55.1 in September versus 57.6 in August. The ZEW economic expectations index came in at 0.5 in September, which is unchanged from August.

U.K. raw material prices in August rose by 7.6%, year-on-year, which is the fastest pace in five years, the Office for National Statistics reported Tuesday. This is mainly due to the decline in the value of the British pound on world foreign exchange markets after the Brexit vote in June.

Crude oil prices are under selling pressure Tuesday after the International Energy Agency, in its monthly report, lowered its forecast for world oil demand this year. This report follows an OPEC report on Monday that said non-OPEC oil supplies will rise in 2017.

Meantime, the other key "outside market" sees the U.S. dollar index trading higher on the day Tuesday.

Source: KitcoNews