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Asian markets mostly down on China exports | Asian markets mostly down on China exports |
(35 minutes later) | |
Asian markets traded mostly lower on Monday as surprisingly weak trade data from the world's second largest economy, China, dented investor confidence. | |
Figures released on Sunday showed exports were up 3.3% in January from a year ago, while imports tumbled 19.9%, far worse than analysts expectations. | Figures released on Sunday showed exports were up 3.3% in January from a year ago, while imports tumbled 19.9%, far worse than analysts expectations. |
The figures took the shine off Friday's January US jobs data. | The figures took the shine off Friday's January US jobs data. |
January was the 11th consecutive month that saw over 200,000 jobs created. | |
Chinese markets opened lower with the Hang Seng index down 0.6% at 24,529.55. | |
On the mainland, the Shanghai Composite was down 0.4% to 3,061.12. | |
Australia's S&P/ASX 200 was down 0.5% at 5,791.1 points, lower after closing higher in the previous 12 trading sessions. | Australia's S&P/ASX 200 was down 0.5% at 5,791.1 points, lower after closing higher in the previous 12 trading sessions. |
Investors also seemed to shrug off news that prime minister Tony Abbott survived a party confidence vote on his leadership on Monday, removing some political uncertainty. | Investors also seemed to shrug off news that prime minister Tony Abbott survived a party confidence vote on his leadership on Monday, removing some political uncertainty. |
Weaker yen | Weaker yen |
In Japan, the benchmark Nikkei 225 was up 0.2% at 17,676.29, mainly due to the yen weakening against the US dollar on the jobs report. | |
The dollar rose on Friday after the upbeat US jobs report fuelled speculation that the Federal Reserve would stay on track to raise interest rates by mid-year. | The dollar rose on Friday after the upbeat US jobs report fuelled speculation that the Federal Reserve would stay on track to raise interest rates by mid-year. |
The dollar was at 118.82 yen, up from 117.33 yen in Tokyo on Friday. | |
A weak yen is positive for Japanese exporters as it increases their profits when repatriated. | A weak yen is positive for Japanese exporters as it increases their profits when repatriated. |
Investors also ignored data on Monday that showed that Japan's current account surplus fell more than 18% in 2014, shrinking for the fourth consecutive year. | Investors also ignored data on Monday that showed that Japan's current account surplus fell more than 18% in 2014, shrinking for the fourth consecutive year. |
Meanwhile, South Korean shares were lower with the Kospi index down 0.5% at 1,946.19. |