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Summary
- APAC markets are a mixed bag after China trade numbers missed the estimates.
- China and Australia are trading in the red.
- Japan and Korea are in the green.
The markets across the Asia Pacific (APAC) region were mixed on Monday morning as China missed the trade estimates for the month of May.
In Mainland China, stocks were in the red, as the Shanghai Composite index was down by 16 basis points (bps) while the Shenzhen Component slipped 48 bps. In the Chinese administrative region of Hong Kong, the Hang Seng index was down by 65 bps.
Earlier in the day, China’s trade numbers missed the estimates for the month of May. The exports by the country grew by 27.9% year-on-year to US$263.92 billion, down from the 32.3% growth witnessed in April. This is almost 410 basis points below the market expectations.
In Japan, the Nikkei225 gained 34 bps while South Korea’s Kospi was up 18 bps.
On the other hand, in Australia, ASX200, was trading down by 14 bps.
Morgan Stanley Capital International’s APAC index was also trading 14 bps higher.
The markets were also weighed down as the Group of Seven backed a US proposal calling for global corporate firms to pay at least 15% tax on earnings.
Meanwhile, the markets in New Zealand were shut on account of Queen's Birthday, and in Malaysia on account of Yang Dipertuan Agong's Birthday.
