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Stocks in Asia fell on Monday afternoon after weaker-than-expected Chinese trade data released over the weekend.
Chinese mainland markets, closely watched as a result of the Beijing-Washington trade war, fell by the end of the morning session. The Shanghai Composite Index fell 0.84 percent, while the Shenzhen Composite Index fell 1.146 percent.
Meanwhile, the Hang Seng Index in Hong Kong fell 1.41 percent, while Hong Kong-listed China Construction Bank fell 2 percent, while China’s Tencent lost 1.35 percent.
November Chinese trade data dwindles
China reported weaker than expected exports and imports in November, which pointed to slow global and domestic demand, and raised the possibility that Beijing would take further measures to boost growth.
November exports rose 5.4 percent from a year earlier, according to Chinese customs data on Saturday, which was below the 10 percent jump predicted by a Reuters poll. The figure was also the weakest since a 3 percent contraction in March. Customs data showed that the annual growth of exports to all major partners of China has slowed significantly.
Import growth was 3 per cent, the slowest since October 2016, and part of the 14.5 per cent forecast in a Reuters poll. Iron ore imports declined for the second time, reflecting a decline in demand for iron ore in steel mills where margins narrowed.
“China’s November trade data missed expectations by a huge margin,” analysts from the Commonwealth Bank of Australia said in a morning note.
Get More: Full News From https://www.cnbc.com/
