Nikkei pares early losses as nervous investors digest China data
By Joshua Hunt
TOKYO Oct 19 (Reuters) - Japanese shares fell on Monday but pared early losses after data showed China's economy did not cool as much as expected in the third quarter.
The Nikkei share average ended the morning session down 0.6 percent at 18,190.36 points.
Sectors with significant exposure in China fell steadily early in the morning as investors nervously awaited a slew of key economic data from China.
"There was a bit of concern because Premier Li recently made comments about the difficulty of achieving 7 percent GDP growth, which dampened sentiment ahead of the figures coming out, so people are quite pleased to see it beat estimates at 6.9 percent," said Gavin Parry, managing director at Parry International Trading, in Hong Kong.
"These numbers are good for Japan, particularly for construction and possibly for related sectors with exposure in China."
China's economic growth eased to 6.9 percent in the third quarter from a year earlier, beating expectations for 6.8 percent but still the slowest since the global financial crisis, putting pressure on Beijing to roll out more support measures.
Shares of Japanese iron and steelmakers fell 1.6 percent, with Kobe Steel shedding 2.6 percent and JFE Holdings slipping 2 percent. Continuación...