Stocks in Asia-Pacific were mixed on November 8 as investors digested China’s trade data released over the weekend.
Mainland Chinese stocks saw gains on November 8. They recovered from earlier losses to close higher, with the Shanghai composite gaining 0.2% to 3,498.63. The Shenzhen component added 0.32% to end its trading day at 14,508.86.
In Hong Kong, the Hang Seng index dropped around 0.4% as of its final hour of trading. In South Korea, Kospi fell 0.31% to 2,960.20.
The Nikkei 225 in Japan dropped 0.35% to finish its trading day at 29,507.05. The Topix index declined 0.3% to close at 2,035.22.
In Australia, the S&P/ASX 200 fell fractionally to 7,452.20.
Taiwan’s Taiex advanced 0.68% to 17,415.30.
Stocks and important factors
Trade data from the world’s second-largest economy affected stocks on November 8. So, it makes sense to have a look at China’s trade data.
Trade growth in the world’s industrial powerhouse proved resilient, with exports rising more than expected in October. Still, downside risks were rising amid a resurgence in Covid-19 cases as well as computer chip shortages according to analysts.
The country’s exports grew by 27.1% in October from a year earlier to $300.2 billion, compared with the 28.1% growth seen in September.
In October, imports grew by 20.6% from a year earlier to $215.68 billion, up from the 17.6% growth in September. The world’s second-largest economy’s total trade surplus was $84.54 billion in October, compared with a revised $66.76 billion in September. Its trade surplus with the U.S. widened by 30% year on year to $40.75 billion in October.
Meantime, the country’s foreign exchange reserves reached $3.218 trillion at the end of October, up 0.53% from a year earlier. China’s foreign exchange reserves increased for the first time since July.
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