Asia Slips, Chinese Trade Beats

Shares in Asia-Pacific largely fell on Monday as investors watched for market reaction to Chinese trade data that came in better-than-expected.

In Japan, the Nikkei 225 dropped 684.22 points, or 2.5%, to 26,319.34, s shares of Fast Retailing dropped 6.3%.

The Japanese yen traded at 131.09 per U.S. dollar, weaker as compared with levels below 129 seen against the greenback last week.

Hong Kong markets were shuttered for holiday.

The Australian dollar changed hands at $0.7007 after last week’s drop from above $0.721.

CHINA

In Shanghai, the CSI 300 index faded 31.37 points, or 0.8%, to 3,877.44.

China’s dollar-denominated exports grew 3.9% year-on-year in April, customs data showed Monday. They were above expectations for a 3.2% rise by analysts in a Reuters poll.

China’s dollar-denominated imports were unchanged in April compared to a year ago, better than an expected 3% drop, according to Reuters.

The data came as mainland China continued to battle its worst COVID outbreak since early 2020. Chinese President Xi Jinping on Thursday emphasized that the country should stick to its “dynamic zero-COVID” policy.

In other markets

In Taiwan, the Taiex tumbled 359.28 points, or 2.2%, to 16,048.92.

In Singapore, the Straits Times Index dipped 16.82 points, or 0.5%, to 3,275.07.

In Korea, the Kospi index lost 33.7 points, or 1.3%, to 2,510.81

In New Zealand, the NZX 50 swooned 227.68 points, or 2%, to 11,381.70.

In Australia, the ASX 200 slumped 84.98 points, or 1.2%, to 7,120.65.