APAC markets open in green; China’s trade data in focus

Summary

  • The equity markets across APAC are edging higher.
  • Hang Seng is the best performer in the region.
  • China’s trade data has been released.

The equity markets across the Asia Pacific region on Tuesday consolidated yesterday’s gains, as investors keenly watched out for China’s trade data for the month of June – released today.

In Mainland China, the Shanghai composite rose 38 basis points while the Shenzhen Component hovered near the flatline – up just 4 basis points.

The region’s largest economy, China, which has also been growing in its military prowess, is set to announce the trade data for the month of June. Currently, China has over two million men in active army – add to that the number of reserve military personnel, and the total count jumps to about 3.35 million. Remarkably, China was the only major economy that didn’t witness recession in 2020, despite ongoing COVID-19 pandemic originating from the central Chinese city of Wuhan.

On the economic data front, China released its trade data for June at 11:00 a.m. HK/SIN on Tuesday – a keenly awaited development for the investors. China's foreign trade of goods went up 27.1% year-on-year in the first half of the year to CNY18.07 trillion, the customs data released on Tuesday showed.

In the Chinese administrative region of Hong Kong, the benchmark Hang Seng Index rallied 1.93% -- the best performer in the region.

At Taipei, which has long been claiming sovereignty over entire of China, the Taiwan Weighted Index was trading up 87 basis points.

In far eastern Japan, the benchmark Nikkei 225 was firmer by 73 basis points, while the Topix was trading up by 77 basis points.

In neighbouring Korea, the KOPSI rose 71 basis points.

Down Under, in Australia as well, the ASX200 was trading 20 basis points higher.

The only index in the region that was trading in the red was Thailand’s SET index – down 14 basis points.

                     

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Morgan Stanley Capital International’s (MSCI) Asia Pacific (APAC) index was trading with a gain of 1.14%.

The investor sentiment in the region was also buoyed by Wall Street, where the major indexes rose to record closing highs, overnight.

The Dow Jones Industrial Average, or Dow 30, advanced 126.02 points to 34,996.18 while the S&P 500 gained about 0.35% to 4,384.63. On the other hand, the Nasdaq Composite rose 0.21% to 14,733.24.

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