Asian markets fall as China reports slowdown in exports


Shares fell in Asia on Monday, extending the latest losses on Wall Street, as China reported a sharp slowdown in exports.

Hong Kong’s Hang Seng index














HSI, -1.38%












  lost 1.4% while the Shanghai Composite














SHCOMP, -0.71%












  fell 0.7%. The Kospi














SEU, -0.53%












  in South Korea declined 0.5% and Australia’s S&P ASX 200














XJO, -0.02%












 finished flat. Shares also fell 0.5% in Taiwan














Y9999, -0.52%












 . Japan’s markets were closed for a holiday.

Among individual stocks, oil producer CNOOC














0883, -4.68%












  and tech giant Tencent














0700, -2.84%












  fell nearly 5% and 2.8%, respectively in Hong Kong trading, chip maker SK Hynix














000660, -4.61%












  fell over 4% in South Korea and Taiwan Semiconductor














2330, -0.91%












  slipped close to 1% in Taiwan.

China said Monday that its exports to the U.S. contracted in December although its overall trade surplus with the U.S. hit a record $323 billion in 2018. Exports to the U.S. rose 11.3% to $478.4 billion for the year despite punitive tariffs imposed by President Donald Trump in a fight over Chinese technology ambitions. The customs data showed imports of American goods rose just 0.7% over 2017, reflecting the impact of Beijing’s retaliatory tariffs and encouragement to importers to buy more from non-U.S. suppliers.

U.S. stock indexes finished a hair lower on Friday after the falling price of oil weighed on energy companies. The S&P 500














SPX, -0.01%












  nevertheless closed out its third straight winning week following a brutal stretch in December, edging 0.1% lower to 2,596.26. The Dow Jones Industrial Average














DJIA, -0.02%












  dipped less than 0.1% to 23,995.95 and the Nasdaq composite














COMP, -0.21%












  lost 0.2% to 6,971.48.

“Risk has continued to veer averse today as pre-earnings jitters amid a torrent of turbulent crosscurrents have investors adopting a more defensive approach even after the Fed indicated patience on further rate hikes,” Stephen Innes of Oanda said in a commentary. “The markets were heading into today China’s trade data, expecting leading indicators of regional trade will be weak, and export orders point at a continued weakening sentiment. Which indeed proved to be the case.”

Benchmark U.S. crude oil














CLG9, -1.65%












  gave up 48 cents to $51.11 per barrel in electronic trading on the New York Mercantile Exchange. It lost 1.9% to settle at $51.59 per barrel on Friday. Brent crude














LCOH9, -1.47%












 , the international standard, lost 47 cents to $60.01 a barrel. It sank 1.9% to $60.48 a barrel in London.

The dollar














USDJPY, -0.40%












  was trading at 108.12 yen, down from 108.48 yen on Friday.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.



Source link

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *