Global stock markets crept upward Tuesday despite China lowering its economic growth target and announcing a major tax cut.
Global markets crept up Tuesday despite China lowering its growth target.Follow the latest developments in markets with Markets Insider.
Premier Li Keqiang, head of the Chinese government, announced a gross domestic product target of 6 to 6.5% for 2019 in an annual work report. The previous goal was"about" 6.5%. In preparation for a"tough economic battle ahead," Keqiang also promised tax cuts worth 2 trillion yuan for the year.according to Bloomberg.
Analysts noted that the news was not a huge surprise, which in turn helped mute the reaction in the stock market.
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