An aerial view of a container ship leaving the dockyard in Qingdao in east China’s Shandong province.
Future Publishing | Future Publishing | Getty Images
Asia-Pacific markets slumped across the board, mirroring moves on Wall Street as investors assessed trade data from China and Australia.
China’s November trade numbers surprised expectations, with exports climbing 0.5% and imports falling 0.6% year on year. Economists polled by Reuters expected a 1.1% year-on-year drop in exports and a 3.3% climb in imports.
The trade surplus for the world’s second-largest economy also widened to $68.39 billion, beating forecasts of $58 billion.
Separately, prices of oil have rebounded slightly after hitting their lowest level since June, with the West Texas Intermediate contract for January up 0.66%, to trade at $69.82 a barrel.
The Brent contract for February also gained 0.7%, to trade at $74.88 a barrel.
In Australia, the S&P/ASX 200 narrowed losses, inching down 0.07% and ending at 7,173.3 after the country’s trade surplus in October widened to 7.13 billion Australian dollars, but missed Reuters poll estimates of AU$7.5 billion.
Japan’s Nikkei 225 fell 1.76% to close at 32,858.31 after leading gains in Asia on Wednesday, while the Topix slid 1.14% to 2,359.91.
South Korea’s Kospi shed 0.13% to finish at 2,492.07, while the small-cap Kosdaq closed 0.77% at 813.2.
Hong Kong’s Hang Seng index dropped 0.66%, paring losses in its final hour, while the mainland Chinese CSI 300 slipped 0.24%, hitting new four year lows at 3,391.28.
Overnight in the U.S., all three major indexes retreated on Wednesday as investors assessed data indicating falling inflation while awaiting jobs report.
The Dow Jones Industrial Average lost 0.19%, while the S&P 500 shed 0.39% and the Nasdaq Composite dropped 0.58%.
It was the third losing day for the 30-stock Dow and the S&P 500 — the first since October for both indexes.
— CNBC’s Lisa Kailai Han and Alex Harring contributed to this report.
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
