Asian Stocks Mixed Amid China Export Data Miss, Earnings ResultsBy
China’s July export and import data miss analyst estimates
SoftBank weighs on Japan shares as Topix index slips
Asian stocks swung between gains and losses as investors assessed China’s export and import data. Earnings results continue to flow through in Japan and Australia and parts of Southeast Asia.
China’s exports in July rose by 7.2 percent in dollar terms, missing economists’ estimates for 11 percent growth. Imports increased by 11 percent, short of the 18 percent expectation. Japan’s Topix index fell from an almost two-year high as SoftBank Group Corp. dropped after reporting earnings, overshadowing a gain in Sony Corp. following its inclusion in a government-backed stock index.
Investors may be taking some profits after yesterday’s “synchronized gains” and China’s trade data, said Jingyi Pan, a strategist at IG Asia Pte Ltd. Export numbers not matching what the markets expected may cap today’s movement, she said.
The MSCI Asia Pacific Index rose 0.1 percent as of 5:10 p.m. in Hong Kong. For every 5 stocks that declined, about four gained.
Hong Kong stocks rose as automakers gained following Geely Automobile Holdings Ltd.’s strong sales and amid optimism corporate earnings will benefit from a stabilizing Chinese economy. China’s benchmark equity index closed 0.1 percent higher.
- Topix -0.2%, Nikkei 225 -0.3%
- Japan Steel Works Surges Most in 17 Years After Forecasts Raised
- Hang Seng Index +0.6%, Hang Seng China Enterprises Index +0.2%
- Kospi -0.2%, Kospi 200 Index -0.3%
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- Shanghai Composite Index +0.1%, Taiwan’s Taiex Index -0.1%
- Australia’s S&P/ASX 200 Index -0.5%, New Zealand’s NZX 50 +0.1%
- Straits Times Index -0.1%, FTSE Bursa Malaysia KLCI Index +0.2%, Philippine Stock Exchange PSEi Index -0.1%, Vietnam’s VN Index -0.2%, Jakarta Composite Index +1.1%, Thailand’s SET +0.2%
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