Asian Shares Lower on Mixed Chinese Trade Data

Asian shares stepped back from two-month highs on Tuesday and commodity currencies retreated as a big fall in oil prices triggered profit-taking, though fading expectations of an imminent U.S. rate hike lent some support.

Trade data from China was mixed, with exports beating forecast and imports below expectations doing little to dispel concerns over a slowdown in China. Yet rising hopes of more stimulus from China underpinned markets.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 1.0 percent from their two-month high touched on Monday. Still, it was still up 7.7 percent so far this month. Japan’s Nikkei fell 0.9 percent.

Oil prices tumbled on Monday as traders took profits after last week’s surge to an 11-week high, and on a report that OPEC continued to boost crude production despite a persistent glut.

Via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza