Australian stocks closed just below multi-year highs on Wednesday while Japan’s benchmark Nikkei hit a new near five-year high after China’s trade balance swung to a surplus in April, soothing investor concerns about a slowdown in the world’s second-largest economy.
The rest of Asia’s equity markets pared gains after touching new highs. The Shanghai Composite moved off a six-week high, Hong Kong shares inched down from a two-week high and the Kospi ended below the 1,960 mark.
Chinese exports exceeded market forecasts, jumping 14.7 percent in April from a year earlier but some experts are questioning the accuracy of the data after Beijing recently acknowledged widespread overloading of exports as way to circumvent currency controls.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.