Arab Today, arab today asian markets hit by weak china trade data
Last Updated : GMT 03:27:31
Arab Today, arab today
Arab Today, arab today

Asian markets hit by weak China trade data

Arab Today, arab today

Arab Today, arab today Asian markets hit by weak China trade data

London - AFP

Asian markets mostly fell as weak Chinese trade data reinforced concerns of a slowdown in the world’s number two economy, while profit-taking after a week-long rally added to selling pressure. Wall Street provided a weak lead despite upbeat US jobs and trade data that indicated a positive outlook for the world’s number one economy. In the afternoon Hong Kong fell 0.82 percent while Shanghai shed just 0.10 percent as dealers expect the country’s leaders to loosen monetary policy soon. By the close of trade Tokyo fell 0.97 percent, or 87.16 points, to 8,891.44, Sydney shed 0.72 percent, or 30.9 points, to 4,277.3 but Seoul advanced 0.30 percent, or 5.81 points, to 1,946.40. China’s General Administration of Customs said exports grew just one percent in July year-on-year to $176.9 billion, while imports rose 4.7 percent to $151.8 billion, cutting the trade surplus to $25.1 billion from $31.7 billion in June. The data follow results on Thursday showing Chinese retail sales, industrial output and inflation eased in July, indicating the export-driven economy was feeling the effects of Europe’s debt crisis lowering demand in the key market. The figures will also add to calls for China’s leaders to further loosen monetary policy to kick start growth, which in the April-June quarter grew at its slowest pace since the height of the global crisis in 2008-2009. China has already this year taken the rare step of slashing interest rates twice in quick succession, while also lowering requirements for how much money banks must keep in reserve as it looks to spur lending. Profit-taking added to Friday’s losses after global markets rallied this week following European Central Bank comments that gave investors confidence it will restart its sovereign bond-buying programme soon to help countries such as Spain and Italy. There are also expectations the Federal Reserve will return to its asset-purchasing programme to spur the US economy. Optimism that the banks will step in saw Tokyo gain almost five percent over the past four sessions, while Hong Kong added more than three percent and Seoul was five percent higher. Wall Street also posted gains but its rally ran out of steam on Thursday, with the Dow and S&P 500 ending flat while the Nasdaq put on 0.25 percent, despite bright jobs and trade data. US weekly new jobless claims fell to 361,000, the Labor Department said Thursday, in another sign that the jobs market has some moderate strength despite the second-quarter lull in hiring. Meanwhile, the US trade deficit narrowed in June for the third straight month, with exports continuing to climb while imports eased. On currency markets the greenback was quoted at 78.56 yen in afternoon trade Friday, slightly up from 78.55 yen in New York late Thursday. The euro stood at $1.2294 and 96.60 yen, compared with $1.2301 and 96.62 yen. Oil prices were lower after the figures from China, the world’s biggest energy consumer. New York’s main contract, light sweet crude for delivery in September, retreated 36 cents to $93.00 a barrel while Brent North Sea crude for September delivery fell 36 cents to $112.86.

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