Asia’s benchmark stock index and the Australian dollar erased gains as Chinese exports missed estimates, while the U.S. oil benchmark-contract slipped toward a record losing streak amid rising supplies. Indonesian stocks and the rupiah jumped after a presidential election.
The MSCI Asia Pacific Index was little changed by 11:16 a.m. in Tokyo, erasing an earlier gain after dropping by the most in two months yesterday. West Texas Intermediate crude for August delivery lost 0.3 percent, a 10th decline that’s the longest slump since trading began in 1983. Standard & Poor’s 500 Index futures fell 0.1 percent after the U.S. gauge jumped 0.5 percent. The Aussie slid 0.2 percent versus the dollar. The rupiah climbed as unofficial counts showed Jakarta Governor Joko Widodo won the presidency.
Chinese exports rose a less-than-forecast 7.2 percent in June, while the trade surplus came in more than $5 billion below economists’ estimate of $36.95 billion. U.S. data showed crude supplies rose last week, while demand for gasoline ebbed, exacerbating declines in oil fueled by waning concern over the Iraq conflict and signs Libya will boost shipments. Malaysia is predicted to raise key borrowing costs for the first time since 2011.