Asian stocks ended mixed on Thursday as upbeat Chinese trade data offset concerns over the impact of Trump’s policies on international trade, immigration and other key issues.
The dollar saw a modest pullback in Asian session, oil prices fluctuated, and gold recovered some ground after falling sharply in the previous session as focus shifted to interest-rate decisions from the Bank of England and the Federal Reserve due later in the day.
China’s Shanghai Composite index jumped 2.57 percent to 3,470.66 as official data showed China’s exports expanded the most in more than two years in October.
Exports grew 12.7 percent on a yearly basis, following an increase of 2.4 percent in September, customs data revealed. Shipments were forecast to climb only 5.0 percent.
On the other hand, imports dropped 2.3 percent annually after a 0.3 percent rise in the previous month due to weaker domestic demand. Economists had forecast imports to drop 1.5 percent.
Hong Kong’s Hang Seng index rallied 2 percent to 20,953.34 as hopes for more growth stimulus outweighed concerns over trade frictions posed by a second Donald Trump presidency. Trump vowed to impose tariffs of between 60 and 100 percent on Chinese imports.
Japanese markets ended mixed as investors locked in some gains. The Nikkei average dipped 0.25 percent to 39,381.41 as the dollar traded in the lower 154-yen zone after climbing the previous day. The broader Topix index settled 1 percent higher at 2,743.08.
Seoul stocks ended little changed, with the Kospi average finishing marginally higher at 2,564.63 after a choppy session.
Australian markets eked out modest gains, led by energy stocks with Santos and Woodside adding 2-3 percent.
Sigma Healthcare shares soared nearly 25 percent after the competition regulator approved the company’s A$8.8 billion ($5.8 billion) merger with pharmacy chain Chemist Warehouse.
The benchmark S&P/ASX 200 rose 0.33 percent to 8,226.30 while the broader All Ordinaries index closed 0.30 percent higher at 8,481.60.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 index ended down 0.54 percent at 12,581.38.
U.S. stocks hit a record high overnight while Treasury yields jumped across the curve as Trump returned to the White House in a moment of historic consequence for American democracy.
It is believed a Trump administration will scale back government regulations and be less hostile to mergers and acquisitions but policies such as tax cuts and tariffs could trigger price pressures.
The Dow soared 3.6 percent, the tech-heavy Nasdaq Composite surged 3 percent and the S&P 500 added 2.5 percent.
Market Analysis
Asian Shares Mixed After China Trade Data
2024-11-07 08:52:25
