20100715 1049 Global Market News.

GLOBAL MARKETS: Asian stocks weak after Fed; China GDP eyed
HONG KONG, July 15 (Reuters) - Asian stocks fell in early trade on Thursday after a downbeat assessment of the economic recovery by the U.S. Federal Reserve and with caution prevailing ahead of China's second quarter GDP data. The dollar was under pressure, holding near two month lows on a basket of currencies, while high yielding currencies such as the Australian dollar  and the New Zealand dollar may be sold off if the Chinese data disappointed. 

July 15 (Bloomberg) -- China’s economic growth eased to 10.3 percent in the second quarter after the government succeeded in tempering credit expansion, investment spending and property speculation. The pace compares with an 11.9 percent gain in January- March from a year earlier. Inflation cooled to 2.9 percent in June, the statistics bureau also reported in Beijing today. Industrial output rose a less-than-estimated 13.7 percent.

U.S. trade gap widens in May, tempers GDP forecasts
WASHINGTON, July 13 (Reuters) - The U.S. trade deficit widened unexpectedly in May, prompting analysts to ratchet back estimates for second quarter economic growth despite signs of increased demand both at home and abroad.
The trade gap grew to $42.3 billion, the largest since November 2008, as imports from China soared 12.1 percent, helping overpower the best month for U.S. exports since September 2008, the Commerce Department said on Tuesday.