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Kyodo Securities - China's Importance To Global Economy Growing...
Data revising forecasts for second half growth in China roiled global equity markets.
TORONTO, CANADA, July 09, 2010 /Canada PR News/ -- Kyodo Securities believe that global equity market reaction to less bullish news on the expected growth in the Chinese economy was significantly overdone given it is still forecast to grow by more than 9% year on year in 2010.
Markets took data from New York-based research group, The Conference Board, that its Leading Economic Index for China rose 0.3% in April after an increase of 1.2% in May badly arguing that a slowdown in the pace of growth in China could result in similar situations elsewhere.
Kyodo Securities strategists maintained their view that 9% growth was "not to be sniffed at" and the US or Europe would be delighted with a number approaching it.
Nevertheless, they conceded that, in isolation, the Conference Board's revision would not have had such a negative impact on the markets but taken within the context of worries over the European debt crisis and the spate of poor economic data from the US, it was understandable.
Unlike many, Kyodo Securities is not euphoric about China's decision to allow its currency to appreciate against the US dollar. One of the strategists said that the decision owed more to China's growing confidence in its own domestic demand for the goods it produces rather than any intrinsic confidence in the global economic recovery.
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