Asian Equities Lower after China Data

Asian shares edged down on Monday, taking little comfort from mixed Chinese trade data, while sterling’s decline after a poll showed rising support for Scottish independence helped bolster the dollar.

China’s exports rose more than forecast in August while imports unexpectedly fell, pushing the trade surplus to a record high for the second consecutive month and underlining the challenges of sluggish domestic demand.  “The China data (strong exports, weak imports) shows that the global economy is recovering while the Chinese economy is showing a weaker-than-expected recovery,” said Hikaru Sato, a senior technical analyst at Daiwa Securities.

Sterling shed 0.7 percent to $1.6221 after sliding as low as $1.6165 in early trade, the lowest since last November and the biggest daily drop in eight months, after a poll showed the “yes” to Scottish independence campaign on 51 percent against 49 percent for the “no” camp.  Data on Friday showed U.S. nonfarm payrolls grew by only 142,000 last month, far below the 225,000 forecast by analysts in a Reuters poll.

Reuters

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