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Asian stocks mostly lower; Nikkei up 0.27%

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Investing.com - Most Asian stocks traded lower Monday despite a better-than-expected jobs report out of the U.S. delivered last Friday.

In Asian trading Monday, Japan's Nikkei 225 rose 0.27% even after the Finance Ministry said Japan's current account fell to JPY540.7 billion in May from JPY750 billion in April. Exports climbed 9.1% year-over-year, but imports jumped 9.6%. Economists expected a surplus of JPY595 billion.

The result marked the first time Japan has logged a second consecutive current-account surplus since October 2010, according to Dow Jones Newswires.

Yields on Japanese government bonds followed their U.S. rivals as 10-year yields on Japanese bonds rose 2.5 basis to 0.88%.

Hong Kong's Hang Seng plunged 2.4% while the Shanghai Composite slid 2.3% as traders continue to fret a possible credit crunch in Chinese banks. Data due out later this week is expected to highlight just how bad the situation is that resulted in last month spike in SHIBOR rates.

Australia's S&P/ASX 200 Index dropped 0.7% as mining and materials shares lead the swoon. Shares of BHP Billiton, the world's largest mining company by market value, dipped 2.3%. AUD/USD also traded lower in the wake of the U.S. jobs report and some traders expect the Aussie will breach 90 cents against the greenback sometime this week.

Last Friday, the U.S. Labor Department said the U.S. economy added 195,000 jobs in June, more than the 165,000 increase forecast by economists. May's figure was revised upwards to 195,000 jobs from 175,000, while April's figure was revised up to 199,000 from 149,000.

New Zealand's NZSE 50 inched up 0.07% while South Korea's Kospi tumbled 1.22% as shares of Asiana Airlines plunged 6.2% after one of its airliners crash-landed in San Francisco on Saturday. Two people died in the crash.

Singapore's Straits Times Index shed 0.82%. S&P 500 futures rose 0.10% after the benchmark U.S. index gained 1% last Friday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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