Stocks, Commodities Fall on China Data

Stocks are lower today as weak economic data from China triggers a selloff in commodity prices.

S&P 500 futures are down by about 0.5 percent but have trimmed their losses in the last 30 minutes. European indexes are down by more than 1 percent. Most Asian bourses shed 1 percent to 2 percent overnight, but the real move is in metals and commodities. Copper fell 3 percent, gold is down 6 percent, and silver is plunging 10 percent.

China reported that gross domestic product grew just 7.7 percent in the first quarter, lagging consensus estimates for an 8 percent expansion. Industrial production led the miss, triggering worries about weak demand for materials.

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