Asian Shares to New Highs After Robust China Trade Data

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.


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