Asian Stock Markets Mixed After China Data

Asian markets traded mixed on Monday as surprisingly weak trade data from the world’s second largest economy, China, capped gains.

Figures released on Sunday showed exports were up 3.3% in January from a year ago, while imports tumbled 19.9%, far worse than analysts expectations.

The figures took the shine off Friday’s January US jobs data.

January was the 11th consecutive month that saw more than 200,000 jobs created.

Chinese markets headed in different directions with the Hang Seng index closing down by 0.64% at 24,521.

On the mainland, the Shanghai Composite was up 0.62% to 3,095.12 after the bourse launched options that offer investors a new hedging tool for trading the index’s heavily weighted stocks.

Shares of Chinese property developer Kaisa Group surged as much as 32% after it resumed trade on news of Sunac China Holdings acquiring a $586.9m (£384m) stake in the embattled company.

Australia’s S&P/ASX 200 closed down 0.1% at 5,814.9, ending a 12-session winning streak.

The index had gained 9.6% in the previous 12 sessions to match its longest wining streak since 2008.

via BBC

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