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Mining and banking ‘suffer following Chinese growth figures’

Slowing Chinese growth has had a major impact on European investors’ positions in mining and banking, an expert has claimed.

Slowing Chinese growth has had a major impact on European investors’ positions in mining and banking, an expert has claimed.

Joshua Raymond, market strategist at City Index, has claimed that this and stricter regulations on risk taking are being seen as likely to dampen the speed of global recovery.

He suggested that the key aspect which will affect this week’s performance is identifying when “bargain hunters” will make their move.

“The equity falls of the last few weeks could be enough to wet bargain hunter’s appetites and … we may be getting to the point where stocks could be looking cheap once again,” he asserted.

Mr Raymond suggested that hedge funds will be feeling reluctant to act before the release of macro-economic data later this week.

Earlier this month, JP Morgan Asset Management reported that Chinese gross domestic product grew by 10.7 per cent in the fourth quarter of 2009, which equates to a full-year figure of 8.7 per cent.

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