Market Buzz: Asia tempers investor optimism
Russian stocks declined Friday, weighed down by weaker Chinese trade report. The MICEX shed 1% and the RTS closed 1.4% lower, while metal sector and telecom shares were among the gainers.
Worse-than-expected data on Chinese exports Friday triggered selling across European markets with as oil, drug and food stocks among decliners. The Stoxx Europe 600 fell 0.1%. Spain’s IBEX 35 shed 0.9% and Italy’s FTSE MiB declined 0.7%.
US stocks slightly gained Friday despite disappointing Chinese trade data as investors raised hopes that China’s data would open the door to more monetary policy. The Dow Jones ended up 0.3%, the S&P 500 itched 0.2% and the Nasdaq rose 0.1%.
Asian stocks traded lower on Monday amid disappointing data out from Japan, where the economy grew by a lower-than-expected 0.3% in the second quarter, below a 0.7% forecast. South Korea’s Kopsi fell 0.6%, the Shanghai Composite declined 0.5%, Hong Kong’s Hang Seng Index shed 0.1%, and Japan’s Nikkei traded flat. However, the Australian S&P/ASX 200 bucked the trend, rising 0.6%, supported by strong corporate results.