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Global Stocks Muted as China's Export Growth Stalls

By Anna Isaac 

Global stocks were muted Tuesday as China's exports grew at the slowest pace in three years, adding to concerns about a wider global slowdown.

Futures tied to the Dow Jones Industrial Average wavered between gains and losses. The Shanghai Composite Index closed for the day down 0.3%, while the pan-continental Stoxx Europe 600 index was almost flat.

Chinese exports climbed by 0.5% last year, a contrast with 2018's expansion of nearly 10%, according to data released Tuesday. Imports dropped 2.8% last year, after surging 16% in 2018. While the slowdown comes amid a two-year trade war between the world's two largest economies, China's foreign trade revived in December as the trade tensions ebbed and Beijing took steps to bolster its domestic economic growth.

China's currency strengthened to its strongest level since July in offshore trading after the U.S. on Monday dropped it from a list of currency manipulators, days before the likely signing of a phase-one trade deal.

Later in the day, major U.S. banks including JP Morgan Chase, Wells Fargo, and Citigroup will report earnings. The banks are closely watched by investors as their results offer a barometer of the health of the U.S. economy. Delta Air Lines is also scheduled to report.

The U.S. Labor Department is also poised to release December's consumer-price growth data. Economists expect the consumer-price index to have climbed 0.3%.

Write to Anna Isaac at anna.isaac@wsj.com

 

(END) Dow Jones Newswires

January 14, 2020 05:10 ET (10:10 GMT)

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