Stocks in Asia rose on Tuesday as Chinese exports for March fell less-than-expected.
In Japan, the Nikkei 225 index perked 595.41 points, or 3.1%, to 19,638.51. Shares of Japanese conglomerate Softbank Group recovered from an earlier drop of more than 3% to close 5.24% higher. The firm announced on Monday that it expected its Vision Fund to book a loss of 1.8 trillion Japanese yen ($16.73 billion U.S.) for fiscal year 2019, citing a “deteriorating market environment.”
The Japanese yen traded at 107.68 per U.S. ollar after strengthening from levels above 108.0 yesterday.
In Hong Kong, the Hang Seng index returned from a long weekend to gain 135.07 points, or 0.6%, to 24,435.40.
Australian markets rebounded, though Virgin Australia’s stock was placed on a trading halt pending an announcement as the airline deals with the economic fallout of the coronavirus pandemic.
The Australian dollar was at $0.6409, still above levels below $0.62 seen last week.
CHINA
In Shanghai, the CSI 300 regained 72.44 points, or 1.9%, to 3,825.70
China’s dollar-denominated exports declined 6.6% year-on-year in March, Reuters reported Tuesday citing customs data. Still, that was better than the 14% drop in exports expected by analysts.
Investors have been watching such data from China as the country returns to business following its lockdown to curb the spread of the coronavirus, which has severely impacted economic activity.
In other markets
In Korea, the Kospi index recouped 31.32 points, or 1.7%, to 1,857.08.
In Taiwan, the Taiex Index shot higher 233.72 points, or 2.3%, to 10,332.94.
In Singapore, the Straits Times Index added 67.32 points, or 2.6%, to 2,634.57.
In Australia, the ASX 200 recovered 100.79 points, or 1.9%, to 5,488.11
In New Zealand, the NZX 50 triumphed 195.12, or 2%, to 10,159.02
