Global economy updates: China's GDP grows 3.9% in Q3, Hong Kong stocks fall

Banking major Credit Suisse on Monday agreed to pay $234 million in settlement to avoid prosecution in relation to a French money laundering and tax fraud probe. 

The downturn in global economy has also come to haunt Dutch medical device manufacturing giant Philips. Reportedly, the company is planning to cut as many as 4,000 jobs, in an attempt to offset the losses exacerbated by the dismal sales figures of the faulty sleep respirators. 

As per a survey data released on Monday, the economic activity in Eurozone plummeted to a new low and its biggest economy, Germany is heading for recession. Manufacturing and services sector in Germany have been the worst-hit and the businesses are pessimistic about the economic outlook. 

The big tech companies of the Silicon Valley will be unveiling their Q3 reports this week. The reports and the findings could affect the market movement across the globe. According to reports, Alphabet Inc., the parent company of Google and Microsoft will release the report on Tuesday. Meanwhile, Meta will release it on Wednesday followed by Apple and Amazon on Friday.

Japan's suspected central bank intervention in the foreign exchange market also kept global investors on edge, though authorities did not confirm taking action.

Industrial production rose 6.3 per cent in September from a year earlier, more than August's 4.2 per cent rise and beating the 4.8 per cent forecast from economists.

China's economy grew 3.9 per cent year-on-year in the third quarter, according to official data released Monday, beating forecasts. The data, published six days later than scheduled, showed higher growth than the 2.5 percent predicted by a panel of experts.

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Tokyo stocks opened higher following the slight lead of Wall Street. The benchmark Nikkei 225 index was up 1.26 percent, or 337.88 points, at 27,228.46 in early trade, while the broader Topix index advanced 1.01 percent, or 19.06 points, to 1,901.04.

Hong Kong stocks fell by almost four per cent in response to Chinese President Xi Jinping's decision to hand key economic positions to loyalists. The Hang Seng Index sank 4.22 percent, or 684.30 points, to 15,526.82, a 13-year low.