Asian shares boosted by strong China trade data
TOKYO (AP) — Shares rose in Asia on Tuesday as investors encouraged by strong China trade shrugged off a tumble on Wall Street triggered by fears that slowing growth in Europe and Asia could hobble the global recovery.
KEEPING SCORE: Japan’s Nikkei 225 fell 1.5 percent to 15,079.23 after being closed for a holiday Monday while Hong Kong’s Hang Seng climbed 0.7 percent to 23,315.79. South Korea’s Kospi gained 0.6 percent to 1,939.11 and Australia’s S&P/ASX 200 added 1.2 percent to 5,215.30. Markets in Southeast Asia also rose. China’s Shanghai Composite Index gained 0.4 percent to 2,374.39.
THE QUOTE: “Growth concerns continue to rattle global investors. Signs that Europe is heading toward recession, and fears that the Japanese authorities’ stimulus program is not getting traction, have many forecasters pulling down their estimates for 2014/15 growth,” Michael McCarthy at CMC Markets wrote in a commentary.
US ROUT: Shares in the U.S. fell Monday over concerns that growth in Europe and Asia may be slowing, following the worst trading week in more than two years. All told, the Dow Jones industrial average lost 223.03, or 1.4 percent, to 16,321.07. The Standard & Poor’s 500 shed 1.7 percent to 1,874.74.
CHINA TRADE: Chinese trade figures released Monday were at odds with generally gloomy views about the global economy. The data showed exports and imports growing faster than in expected in September, leading some analysts to predict increased momentum for the world’s second-largest economy during the second half of the year.
CURRENCIES: The U.S. dollar was trading at 107.22 yen, up from 107.00 late Monday. The euro was at $1.2727, versus $1.2740 on Monday.
ENERGY MARKETS: Oil prices fell on expectations that OPEC countries will not cut output in response to lower global demand. Benchmark U.S. crude fell 65 cents to $85.09 a barrel in electronic trading on the New York Mercantile Exchange. It fell 8 cents to close at $85.74 a barrel on Monday.
AP Markets Writer Alex Veiga contributed.