(menafn – ecpulse)
Asian stocks were mixed on Wednesday after Chinas 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 Australias 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 Chinas 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