CNBC Daily Open: China’s GDP meets official target, Apple has worst day in months
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
China's GDP expanded 5% in 2024
China's economy expanded by 5% year on year in 2024, according to China's National Bureau of Statistics, in line with Beijing's official target of "around 5%." In the fourth quarter, gross domestic product expanded 5.4%, higher than the estimated 5.0% in a Reuters poll of economists, as Beijing's stimulus measures kicked in. That said, analysts are still hoping for more policies to boost the country's economy.
S&P 500 snaps three-day winning streak
U.S. markets fell on Thursday, with the S&P 500 snapping its three-day winning streak. Treasury yields retreated further on waning inflation fears. Asia-Pacific stocks were mixed on Friday. Mainland China and Hong Kong markets rose on the release of China's 2024 GDP figures. Japan's Nikkei 225 lost 0.45% as Nintendo shares fell around 4.6% after announcing a successor to its Switch console.
Apple falls
Apple shares slumped 4% on Thursday, with losses nearly at 12% from the stock's most recent peak in December. The slide comes after a report Thursday from market research firm Canalys said the iPhone maker had fallen to third place in terms of smartphones sold in China in 2024, behind homegrown manufacturers Vivo and Huawei.
Potential U.S. Treasury secretary testifies
Scott Bessent, U.S. President-elect Donald Trump's pick for Treasury secretary, testified Thursday before the Senate Finance Committee. During the session, Bessent, a hedge-fund manager, said Trump's proposed policies won't cause inflation, described U.S.