Asian Stocks Close Mixed on Chinese Trade Data Release

April 13, 2018
Asian Stocks Close Mixed on Chinese Trade Data Release

By Investors Hub

Asian stocks turned in a mixed performance on Friday as Chinese trade data proved to be a mixed bag and investors awaited earnings reports from JPMorgan Chase, Citigroup and Wells Fargo later in the day.

Geopolitical tensions eased somewhat after U.S. President Donald Trump urged caution on an imminent strike against Syria and also tweeted that the U.S. would rejoin the controversial Trans Pacific Partnership trade pact if the deal were substantially better than the one offered to former President Barack Obama.

China’s Shanghai Composite Index dropped 20.77 points or 0.7 percent to 3,159.39, while Hong Kong’s Hang Seng Index edged down 22.90 points or 0.1 percent to 30,808.38.

Data from the General Administration of Customs showed Chinese exports unexpectedly declined in March, but imports grew more-than-expected,

In dollar terms, exports fell 2.7 percent year-over-year in March, confounding economists’ forecast for a notable increase of 11.8 percent. Imports surged up 14.4 percent from a year ago, faster than the expected spike of 12.0 percent.

The trade deficit came in at $4.98 billion in March, in contrast to the expected surplus of $27.5 billion.

Japanese shares closed higher to post a third week of gains as higher U.S. bond yields helped lift financials and exporters also surged on the back of a firmer dollar following Trump’s comments on Syria and rejoining the TPP.

The Nikkei 225 Index climbed 118.46 points or 0.6 percent to 21,778.74, taking the weekly gain to 1 percent. The broader Topix Index closed 0.6 percent higher at 1,729.36.

Mitsubishi UFJ Financial Group rallied 2.5 percent and Sumitomo Mitsui Financial jumped 2 percent on the back of rising U.S. bond yields. Honda Motor gained 1 percent and Panasonic advanced 2.5 percent. Tech stocks also gained ground, with Advantest and TDK Corp climbing 2-3 percent.

Australian shares closed modestly higher amid broad-based gains as fears linked to geopolitical tensions eased. The benchmark S&P/ASX 200 Index rose 13.60 points or 0.2 percent to 5,829.10, while the broader All Ordinaries index ended up 0.2 percent at 5,924.70.

Resource stocks outperformed, with Rio Tinto and Fortescue Metals Group rising about 2 percent each.

Banks ANZ, NAB and Westpac fell between 0.2 percent and 0.7 percent, while energy stocks ended on a mixed note. Oil Search rose 0.4 percent and Beach Energy advanced 1.8 percent, but Woodside Petroleum dropped half a percent and Santos lost 1 percent.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

European Equities Rise on Hopes for Improved Corporate Earnings
Previous Story

European Equities Rise on Hopes for Improved Corporate Earnings

Tigo Tanzania Gets Global Mobile Money Certification
Next Story

Tigo Tanzania Gets Global Mobile Money Certification

Latest from Economy

Don't Miss