China and Japan Data Hits Asian Stock Markets

Asian shares fell on Monday after both China and Japan released disappointing economic data, worrying investors about a slowdown in the region.

Both Hong Kong’s Hang Seng index and the Shanghai Composite fell by 2%, while Japan’s benchmark Nikkei 225 closed down 1%.

On Monday, Japan revised down its 2013 growth estimates and reported a record deficit.

Over the weekend, China said exports plunged 18.1%, surprising analysts.

That data led to a broad Asian sell-off, with China’s CSI 300 Index falling to its lowest since 2009.

Australian shares shed 1% of their value following the data release, dragged down by losses in mining and other resource stocks, which are heavily dependent on China’s commodities demand.

BHP Billiton fell 3.2%, Rio Tinto dropped 4.6% and Fortescue Metals tumbled 10% in Sydney trading.

via BBC

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