Asian stock markets closed with negative bias this Monday (13), with investors weighing concerns about the China’s economy and in the wake of losses in New York.
Sessions end lower after the US jobs report – known as payroll – signal labor market resilience and move away interest cuts by the Federal Reserve (Fed). In Japan, the Tokyo Stock Exchange had no trading due to a local holiday.
In Hong Kong, the Hang Seng index ended the session at drop of 1.0%at 18,874.03 points, with emphasis on falls in technology and automobile stocks. In mainland China, the Shanghai Composite fell 0.25%at 3,160.76 points, while the less comprehensive Shenzhen Composite rose 0.1%at 1,838.46 points.
This morning, investors pondered data on China’s trade balance – which had exports and surplus above expected in December – as companies try to speed up shipments of goods before the rise in tariffs in the US, anticipated with the inauguration of Donald Trump as US president next Monday (20).
The data, however, was insufficient to alleviate concerns about the Chinese economy, in a week that will still be marked by the release of the country’s Gross Domestic Product (GDP) for the fourth quarter.
In a note, Barclays economists highlight that authorities at the People’s Bank of China (PBoC) are in a delicate position when simultaneously facing the weakening of the Chinese yuan, stocks and yields. Today, the PBoC and Chinese currency regulators reiterated promises to defend the yuan.
Elsewhere in Asia, the Taiex index fell 2.28%at 22,488.33 points, in Taiwan, pressured by the fall of large local companies – including the fall of TSMC (-2.27%), which is expected to release its balance sheet this Thursday.
In South Korea, semiconductor, shipbuilding and steel stocks weighed on South Korea’s Kospi, which closed in 1.04% leftat 2,489.56 points, with strong net sales by foreign investors.
In Oceania, the S&P/ASX 200 index had losses of 1.23% in Sydney, at 8,191.90 points, for the third consecutive session, again under pressure from the country’s main banks and iron ore miners.
*With information from Dow Jones Newswires
