|09-08-2014, 02:56 PM||#1|
Asian stocks swung between gains and losses after China`s foreign trade data
High contrast dominated the performance of Asian equities at the end of the first trading day of the week between losses and gains after the rise which exceeded expectations in Chinese exports, and was offset by a worst than expected significant decrease in imports, and this contrast comes amid a marked decline in trading volumes with the closure of markets in China, Taiwan and South Korea to celebrate the mid-Autumn Festival.
- Annual exports rose 9.4% in China during August higher than the expectations 9.0% but lower than the previous month by 14.5%, while imports declined sharply by -2.4% from the previous -1.6% and worst than the optimistic expectations by 3.0%, to achieve the balance of trade surplus of $ 49.8 billion USD higher than the expected 40 billion dollars.
Chinese stocks benefited from trade data that supports the outlook for growth of emerging economies led by China (the second largest global economy). The trade data fueled hopes of stronger recovery from the current critical economic situation.
- Chinese CSI 300 ended 0.95% higher at 23.03 pips and is trading around 2449.26.
- Shanghai Composite ended in green 0.85% higher at 19.57 and is trading around 2326.43.
Japanese stocks rose slightly influenced by the mixed economic data revised reading for GDP in the second quarter, which showed a contraction of 7.1% worse than expected estimated contraction of 6.8%; from the positive side, Japan`s current account achieved surplus in July again after recording a deficit last month for the first time in five months.
- Japanese Nikkei 225 ended 0.23% higher at 36.43 and is trading around 15705.11.
As for the Japanese stocks performance today, SoftBank rose by 2.14% and is trading around 7628.00 yen, after Alibaba failed last Friday to sell an amount of $ 24.3 billion USD, making this the largest process of issuing an initial equity at all, noting that SoftBank Corporation is the largest shareholder in Alibaba.
- Australia’s S&P/ASX 200 ended 0.39% lower at 21.72 and is trading around 5576.97, affected by Insurance Australia Group equity dropping 5% closing around 6.16, as the negative U.S. jobs data is still affecting the Asian equities.
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