Global Market News

China Trade Report Undercuts Asian Stocks Markets


Last updated: 04/12/2024 06:54:41

06:54 AM EDT, 04/12/2024 (MT Newswires) -- Asian stock markets fell back back Friday after a soft March trade report from Beijing exacerbated concerns that the huge China economy is flagging in its recovery from the pandemic years.

Hong Kong and Shanghai lost ground, as did most other regional exchanges.

In Japan, the Nikkei 225 opened higher on Wall Street cues and held ground, finishing up 0.2% on strength in tech-sector issues, and as a declining yen bolstered export issues.

The benchmark Nikkei 225 rose 80.92 to 39,523.55, as gaining issues outnumbered losers 157 to 66.

Leading the upside was property developer Mitsui Fudosan, gaining 7.8%, while Fast Retailing lost 4.4%.

In economic news, the Japan yen traded above 153 to the US dollar, striking a fresh a 34-year low, and prompting Finance Minister Shunichi Suzuki to state that officials will "act appropriately to excessive volatility without ruling out any options," reported The Mainichi newspaper.

In Hong Kong, the Hang Seng Index opened lower and sank to the close, finishing off 2.2% after the sluggish China trade report.

The broad gauge Hang Seng fell 373.34 to 16,721.69, as losing issues outnumbered gainers 75 to seven. The Hang Seng TECH Index lost 1.8% on the day, while the Mainland Properties Index fell 3.8%.

Leading the upside was smartphone and auto-maker Xiaomi, gaining 2.6%, while property developer Longfor brought up the rear, falling 8.6%.

On the mainland, the Shanghai Composite fell 0.5% to 3,019.47.

In economic news, mainland China exports declined 7.5% on year in March in dollar terms, while imports fell back 1.9%, according to Customs officials.

On the other regional exchanges, the S. Korean KOSP fell 0.9%; the Taiwan TWSE declined 0.1%; the Australian ASX 200 declined 0.3%; the Singapore Straits Times Index fell 0.3%, and the Thai Set declined 0.8%. In late trading in Mumbai, the Sensex was down 1.1%.
Copyright © 2024 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Events Data provided by Wall Street Horizon. ©2021 Wall Street Horizon, Inc.