(MENAFN– ecpulse)
Asian stocks were mixed on Wednesday after China`s exports dropped the most since 2009, heightening concerns about a slowdown in global demand, while the IMF trimmed its global growth forecast for the fifth time since early last year.
- MSCI Asia Pacific Index rose 0.2% to 131.68 as of 13:18 in Hong Kong
Chinese exports unexpectedly fell in June by 3.1% from a year earlier amid slack global demand; this would be the first decline since January 2012, confirming that the world’s second largest economy is slowing, yet a rise in commodities led a rally in resources.
- China’s CSI 300 Index closed 2.84% higher at 2224.06
- Hong Kong’s Hang Seng closed 1.07% higher at 20904.56
China’s weak trade numbers hit the Australian resources as China is Australia`s largest trading partner, while the lackluster consumer sentiment figures weighed on retailers, yet chances of a rate cut from the Reserve Bank of Australia helped produce some gains.
- The S&P/ASX 200 closed 0.40% higher at 4901.36
- New Zealand’s NZX 50 closed 0.73% higher at 4556.77
In Japan, stocks pared the early gains after China`s trade results and as the yen fell below the 100-mark against the dollar, hurting exporters. Bank of Japan began a two-day policy meeting today during which it might keep the monetary policies unchanged.
- Nikkei 225 closed 0.39% lower at 14416.60
- Topix closed 0.14% lower at 1195.20
Despite the stronger yen which supports the South Korean exports, Kospi fell as the IMF trimmed its global growth forecast to 3.1% this year from 3.3% expected in April, while the FOMC meeting minutes later today might give signs of when stimulus will start to trim.
- Kospi closed 0.34% lower at 1824.16
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.