Asian markets mixed as China reports trade growth
BEIJING — Asian stock markets were mixed Monday after Wall Street hit a new high and China reported a double-digit rise in exports.
The Nikkei 225
NIK,
in Tokyo fell 0.1% while the Shanghai Composite Index
SHCOMP,
edged 0.1% higher. The Hang Seng
HSI,
in Hong Kong lost 0.6%.
The Kospi
180721,
in Seoul retreated 1% and Sydney’s S&P/ASX 200
XJO,
lost 0.2%. Benchmark indexes in Singapore
STI,
Taiwan
Y9999,
and Indonesia
JAKIDX,
advanced.
China’s October exports rose 27.1% over a year earlier, though that eased off the previous month’s 28.1% growth, customs data showed Sunday.
Despite that gain, Chinese anti-virus controls might dampen factory and consumer activity, “still bringing about an uncertain recovery picture,” Yeap Jun Rong of IG said in a report.
Wall Street’s benchmark S&P 500 index
SPX,
rose 0.4% on Friday to a record for a seventh day after U.S. employers hired more people in October than expected.
The Dow Jones Industrial Average
DJIA,
gained 0.6% to 36,327.95, also hitting a new high. The Nasdaq composite
COMP,
added 0.2% to 15,971.59.
The U.S. government is due to report inflation this week. Investors are watching price rises amid fears stronger inflationary pressures might prompt the Federal Reserve and other central banks to pull back stimulus that is boosting stock prices.
Also this week, China’s ruling Communist Party holds a plenary session, or full meeting of its leaders, military leaders and provincial party bosses. It is the sixth plenum during the latest five-year political cycle that runs through next year.
The sixth plenum usually focuses on ideology and party affairs instead of the economy. However, investors also hope for possible updates on policy toward technology and other industries after data security and anti-monopoly crackdowns on Chinese tech giants that began late last year wiped more than $1 trillion off their total stock market values.
In energy markets, benchmark U.S. crude oil
CLZ21,
rose $1.11 to $82.38 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $2.46 to $81.27 on Friday. Brent crude
BRNF22,
the price basis for international oils, gained $1.09 to $83.83 per barrel in London. The previous session, it added $2.20 to $82.74.
The dollar
USDJPY,
gained to 113.62 yen from Friday’s 113.40 yen.
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