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Asian markets sag despite oil rally China shares shrug off weak trade data
(about 7 hours later)
Several markets across Asia were down in early trade on Tuesday, despite an oil price rise overnight and a positive lead from Wall Street. China markets have traded higher, shrugging off fresh government data showing exports fell by more than expected in February.
Brent crude rose above $40 a barrel for the first time this year. Exports dropped sharply by 25.4% from a year earlier, while imports slid 13.8%.
The price of iron ore also shot up, rising almost 20%, due in part to a surge in demand for the metal from China's refineries. However, analysts said the data may have been negatively affected by Chinese Lunar New Year holidays.
Japan's Nikkei 225 was down 1.07% to 16,730.77 in mid-morning trade, despite some surprising economic numbers. The Shanghai Composite closed the day 0.1% up at 2,901.39, after earlier falling 1.6% in reaction to the data.
A stronger yen against the dollar was weighing on investor sentiment and hurting some of Japan's big exporters. In afternoon trade, Hong Kong's Hang Seng index was trading lower, down 0.6% at 20,031.84.
Toyota shares were down about 1%, Honda fell 2% and Nissan dipped about 2.5%. Analysis: Karishma Vaswani, Asia Business Correspondent
Fresh official figures released on Tuesday showed Japan's economy shrank less than previously thought in the last three months of 2015. China has often been called the factory of the world, but that narrative may now be changing.
The annualised numbers surprised analysts, who had been expecting to see a contraction of 1.5%, compared to a previous reading of a contraction of 1.4% for the period. As global demand slows down, China is selling less to the world, but it is also buying less from the world.
True - Tuesday's trade figures may have been affected by a longer than usual Chinese New Year period last month, which meant workers were on holiday and factory owners may have brought orders forward or delayed them.
But these February numbers will continue to put pressure on China's leaders as they grapple with the worst growth rates in 25 years on the mainland.
Rest of Asia
Elsewhere, markets across the region were largely in negative territory, despite an oil price rise overnight and a positive lead from Wall Street.
Brent crude rose above $40 a barrel for the first time this year, while the price of iron ore also shot up, rising almost 20% due in part to a surge in demand for the metal from China's refineries.
Shares in Japan fell, as a stronger yen against the dollar weighed on investor sentiment and hurt some of Japan's big exporters.
Toyota shares finished the session down close to 1.7%, Honda fell 0.95% and Nissan dipped about 2.5%.
Japan's Nikkei 225 ended Tuesday down 0.8% to 16,783.15, marking its lowest close since the beginning of the month.
Fresh official figures released on Tuesday showed the world's third largest economy shrank less than previously thought in the last three months of 2015.
Gross domestic product contracted at an annualised rate of 1.1% for the period, compared with an earlier reading of 1.4%.
The annualised numbers surprised analysts, who had been expecting to see a contraction of 1.5%.
Elsewhere, commodity and energy-related stocks were dragging on the Australian market, despite the price rises in oil and iron ore.Elsewhere, commodity and energy-related stocks were dragging on the Australian market, despite the price rises in oil and iron ore.
Sydney-listed shares in Fortescue Metals were down more than 10.5%, after rising close to 24% on Monday. Sydney-listed shares in Fortescue Metals finished the day down close to 9.5% after rising by almost 24% on Monday.
Reports late on Monday said Brazil's Vale was in talks with Australia's Fortescue to take a minority stake in the company. Early on Tuesday, Australia's Fortescue said it had entered "a non-binding memorandum of understanding" with Brazil's Vale.
The proposal could help the two companies match the quality of iron ore produced by rival Rio Tinto, which is seen as the benchmark in China.The proposal could help the two companies match the quality of iron ore produced by rival Rio Tinto, which is seen as the benchmark in China.
Rio Tinto shares were down more than 2% in Sydney trade. The Australian mining giant said the agreement would provide "a framework for potential investment by Vale in Fortescue, through a minority acquisition of shares on market, in addition to investment in current or future mining assets."
In China, investors will be watching for fresh data from Beijing when it releases its latest trade numbers later. Rio Tinto shares lost more than 2.5% in Sydney trade.
Hong Kong's Hang Seng index was down 0.24% to 20,101.66, while the Shanghai Composite was flat, down just 0.06% to 2,895.67. In South Korea, the Kospi index finished down 0.6% to 1,946.09 points.
In South Korea, the Kospi index was down 0.5% to 1,948.27 points.