China Trade Data Weighs on Asia Stocks

China Trade Data Weighs on Asia Stocks

Stocks in Asia Pacific fell on Tuesday, as China’s trade data for June came in above expectations.

In Japan, the Nikkei 225 index drifted lower 197.73 points, or 0.9%, to 22,587.01.

The Japanese yen traded at 107.30 per U.S. dollar after weakening from the 106.8 against the greenback yesterday.

In Hong Kong, the Hang Seng index stumbled 294.23 points, or 1.1%, to 25,477.89

Singapore stocks lost slightly. Singapore’s economy entered a technical recession after shrinking 41.2% in the second quarter as compared to the previous quarter, according to advance estimates by the Ministry of Trade and Industry released Tuesday. A technical recession is defined as two consecutive quarters of quarter-on-quarter contraction.

On the coronavirus front, World Health Organization Director-General Tedros Adhanom Ghebreyesus on Monday warned that “too many countries are headed in the wrong direction.”

The Australian dollar changed hands at $0.6944 after turbulent trading on Monday that saw it at levels above $0.698.

CHINA

In Shanghai, the CSI 300 slumped 46.27 points, or 1%, to 4,806.69.

China’s dollar-denominated trade data for June released on Tuesday came in above expectations. Exports rose 0.5% year-on-year while imports increased 2.7% as compared to a year earlier, according to customs data.

An economist poll had estimated that June exports contracted 1.5% from a year earlier, while imports were expected to fall 10.0% from last year.


In other markets

In Singapore, the Straits Times Index dipped 10.89 points, or 0.4% to 2,620.19

In Korea, the Kospi toppled 2.45 points, or 0.1%, to 2,183.61

In Taiwan, the Taiex index settled 2.55 points to 12,209.01

In New Zealand, the NZX 50 gained 59.35 points, or 0.5%, to 11,494.15

In Australia, the ASX 200 reversed 36.43 points, or 0.6%, to 5,941.08.