Investing.com - Most Asian stocks are trading higher at this
hour following the release of China's export and import data for
March. The region's equities are again following their U.S.
counterparts higher a day after another strong performance for U.S.
In Asian trading Wednesday, Japan's Nikkei 225 is higher by 0.73%,
although USD/JPY is trading slightly lower. Some traders expect it
is only a matter of days before the pair hits 100.
On Tuesday, Japanese Prime Minister looked to assuage skittish
investors about the potentially adverse effects of the weaker yen.
Abe said "We'll make efforts to prevent (the yen's sharp slide)
from strongly exerting a harmful influence (on the economy)."
Hong Kong's Hang Seng rose 0.37% while the Shanghai Composite
gained 0.06% after China's Customs Administration said the
country's exports increased 10% last month, missing analysts'
estimates of a 10.5% increase.
The data showed China's imports surged 14%, well above the
consensus estimate of a 5.2% increase, leaving the world's
second-largest economy with a trade deficit of USD884 million
compared with a February surplus of USD15.3 billion.
Surprisingly, Australia's S&P/ASX 200 Index fell 0.2% on the
China news. China is the largest destination for Australian exports
and the Chinese import number should have, in theory, been good
news for Aussie equities. BHP Billiton, the world's largest mining
company, is among the better performers in Australia today.
New Zealand's NZSE 50 climbed 0.42% despite NZD/USD climbing above
85 cents for just the third time in three decades. New Zealand
stocks were obviously not affected too deeply by the China data.
China is New Zealand's largest trading partner as well.
Singapore's Straits Times Index fell 0.27% while South Korea's
Kospi gained 0.80% despite continued aggression from the north.
S&P 500 futures fell 0.07%.
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