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Asia shares down despite China trade jump Asia shares down despite China trade jump
(about 3 hours later)
Asian shares fell to seven-month lows as positive trade data from China failed to ease concerns over global economic growth.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.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.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%.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. 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. The benchmark Hang Seng index was down 0.6% at 22,947.94.
On the mainland, the Shanghai Composite was down 1% to 2,351.39. On the mainland, the Shanghai Composite was 0.7% lower at 2,358.21.
In Australia, shares were lower on worries about how weak global growth will impact on the mining sector. In Australia, shares hit their lowest since February as economic uncertainty weighed on the big banks.
The benchmark S&P/ASX200 index was 0.8% lower at 5,146.40 points. The benchmark S&P/ASX200 index closed down 0.6% at 5,155.5 points.
Bucking the trend were heavyweight miners BHP Billiton and Rio Tinto, up 0.9% and 2.4% respectively after big falls on Friday. Commonwealth Bank of Australia was down 0.9%, while shares in ANZ dropped 0.6%.
South Korea's Kospi fell 0.7% in thin trading as Japanese markets closed for a public holiday. Bucking the trend were heavyweight miners BHP Billiton and Rio Tinto, up 0.9% and 1.9% respectively, following the better-than-expected trade data out of China.
South Korea's Kospi fell 0.7% to close at 1,927.21, with tech shares leading the downtrend. Samsung Electronics was down 0.2%, while LG Electronics fell more than 2%.
Japanese markets were closed for a public holiday.
Oil prices tumbleOil 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. Oil prices took a big hit on Monday, hovering near four-year lows after Kuwait said oil cartel 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. Another big oil producer, Saudi Arabia, also said that it was ready to accept prices as low as $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.US November crude futures fell $1.01 a barrel to $84.81, while Brent crude fell $1.12 a barrel to $89.25.