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China and Japan lead losses in Asia's markets China and Japan markets lead losses in Asia's markets
(about 1 hour later)
Share markets in China and Japan were heading lower after Wall Street fell on the back of a drop in oil prices and as China's poor trading figures were digested. Shares in China and Japan led losses in Asian markets, as investors continued to react to the poor trading figures released by China on Tuesday.
West Texas Intermediate oil fell 4.3% to $36.28 a barrel and Brent crude dropped 3.4% to $39.45 a barrel. Falling oil prices also weighed on sentiment. West Texas Intermediate oil fell 4.3% to $36.28 a barrel and Brent crude dropped 3.4% to $39.45.
Japan's Nikkei 225 lost as much as 1.5% in early trading, and was later down 1.33% to 16,560.7 points. Japan's Nikkei 225 lost as much as 1.5% in early trading, and closed down 0.8% at 16,642.20.
China's mainland Shanghai Composite was down 1.66% to 2,853.02. China's Shanghai Composite was down 2.35% to 2,833.08 in afternoon trade.
Hong Kong's Hang Seng index was down 0.55% to 19,902.89. "Although oil prices have risen sharply from the trough, many investors are not yet convinced if things have improved that much, and I suspect they judged now is a good time to sell," PineBridge Investments' Tatsushi Maeno told Reuters.
Trade figures from Beijing released on Tuesday showed that Chinese exports suffered their sharpest drop in almost seven years, adding to concerns over the health of the world's second largest economy. Exports sank by 25.4% from a year earlier, while imports fell 13.8%.Trade figures from Beijing released on Tuesday showed that Chinese exports suffered their sharpest drop in almost seven years, adding to concerns over the health of the world's second largest economy. Exports sank by 25.4% from a year earlier, while imports fell 13.8%.
In South Korea, the Kospi index was down 0.12% to 1,943.95 points. Hong Kong's Hang Seng index was down 0.4% at 19,933.02 in late afternoon trade.
Australia was the only market in positive territory early on Tuesday with the benchmark S&P/ASX 200 index up 0.3% to 5,121.7. Elsewhere, Australia's benchmark S&P/ASX 200 spent much of the day in positive territory and finished the session up nearly 1% at 5,157.20.
Shares in some of the country's big lenders were pulling the market up in morning trade. Commonwealth Bank shares were up almost 1% and Westpac rose 1.3%. Shares in some of the country's big lenders helped to lift the market. Commonwealth Bank shares finished up more than 1% and Westpac rose 2.3%.
In South Korea, the Kospi index closed up 0.35% at 1,952.95.