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Asia shares down despite China trade jump | |
(about 2 hours later) | |
Asian shares fell to seven-month lows as positive trade data from China failed to ease concerns over global economic growth. | |
World Bank and International Monetary Fund meetings on Saturday called for bold action to boost economic recovery. | |
But, September trade figures from China painted a rosier picture, as export and import growth beat market expectations. | |
That, however, did little to boost the MSCI Asia-Pacific index excluding Japan, which fell 0.8%. | |
In Hong Kong stocks headed lower as police began to remove barricades at sites where pro-democracy demonstrators held rallies. | |
The benchmark Hang Seng index was lower 0.6% to 22,941.13. | |
On the mainland, the Shanghai Composite was down 1% to 2,351.39. | |
In Australia, shares were lower on worries about how weak global growth will impact on the mining sector. | |
The benchmark S&P/ASX200 index was 0.8% lower at 5,146.40 points. | |
Bucking the trend were heavyweight miners BHP Billiton and Rio Tinto, up 0.9% and 2.4% respectively after big falls on Friday. | |
South Korea's Kospi fell 0.7% in thin trading as Japanese markets closed for a public holiday. | |
Oil prices tumble | Oil prices tumble |
Oil prices took a big hit on Monday, hovering near four-year lows after Kuwait said OPEC was unlikely to cut production to support prices. | |
Another big oil producer, Saudi Arabia, also said that it was ready to accept lower oil prices down to $80 a barrel. | |
US November crude futures fell $1.01 a barrel to $84.81, while Brent crude fell $1.12 a barrel to $89.25. |