Asia-Pacific markets are trading mixed as the region looks to China’s May trade data and a speech from Reserve Bank of Australia governor Philip Lowe, a day after Australia’s central bank defied expectations and raised its benchmark interest rate to its highest in 11 years.
China’s trade data missed forecasts, customs data showed. Exports tumbled 7.5% year-on-year, sharply lower than the 0.4% fall expected, while imports saw a smaller fall of 4.5% year-on-year, compared to a 8% fall that was forecast. The country’s trade surplus in May was $65.81 billion, down 16.1%.
In Australia, the S&P/ASX 200 rose 0.14%, as Australia’s gross domestic product grew 2.3% in the first quarter of the year, the slowest rate of growth in 1½ years.
The rally in Japanese stocks seemed to have taken a pause with the Nikkei 225 sliding 1.42%, leading losses in the region. The Topix saw a smaller loss of 1%.
South Korea’s markets came back from a public holiday with a positive start, with the Kospi climbing 0.34% and the Kosdaq up by 0.97%.
Hong Kong’s Hang Seng index popped 1.06% in its open, while mainland Chinese markets were also higher. The Shanghai Composite gained 0.3% and the the Shenzhen Component rose 0.11%.
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