Global markets brush off disconcerting data out of China

Global markets largely brushed off more disconcerting economic signals from China, which on Friday reported that its economy grew at its slowest pace in 26 years last quarter.

The 6 per cent growth pace China reported for July-September was worse than most economists were expecting, highlighting a global economy that is slowing.

Domestically, Beijing is under significant pressure to head off job losses as a trade war with the US drags on.

Some of the latest data for September, such as investment and lending, showed improvement, but "pressure on economic activity should intensify in the coming months," Julian Evans-Pritchard of Capital Economics said in a commentary.

"Cooling global demand will continue to weigh on exports, fiscal constraints mean that infrastructure spending will wane in the near-term and the recent boom in property construction looks set to unwind."