Monday, June 5, 2023

Asia markets trade mixed as China’s trade surplus beats expectations

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A general view of the container terminal in Qianwan of Qingdao Port, a port in Shandong Province, China, March 17, 2023. 

CFOTO | Future Publishing | Getty Images

Asia-Pacific markets traded mixed as China’s trade surplus beat expectations with exports rising 8.5%. Investors will also await U.S. inflation reports later this week.

China reported a trade surplus of $90.2 billion, higher than expectations to see a balance of $71.6 billion.

In mainland China, the Shanghai Composite rose 0.3%, continuing its winning streak after marking the highest point in 10 months on Monday. The Shenzhen Component also rose marginally.

In Australia, the S&P/ASX 200 fell 0.35% and South Korea’s Kospi was 0.32% down, with the Kosdaq also shedding 1.33%.

Hong Kong’s Hang Seng index dropped 0.37%, while the Hang Seng Tech index slid 0.88%.

Japan’s the only outlier in the region, with the Nikkei 225 up 0.77% and the Topix 0.97% higher, powered by gains in basic materials and energy stocks. Japan saw a reduction in household spending in April despite economists surveyed by Reuters expecting to see growth.

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