China stocks mixed as export growth was lower than expected

China stocks mixed as export growth was lower than expected

The two main indexes of mainland China stocks closed mixed on June 7 after the country’s exports in May disappointed.

China’s Shanghai Composite Index rose 0.21% on the trading day of June 7. File photo: AFP

The Shanghai Composite Index this afternoon closed up 0.21% to 3,599.54 points while the Shenzhen Component slipped slightly to 14,862.60 points. On the Hong Kong market, the Hang Seng index fell 0.55%, as of the last trading hour of the day.

China’s exports (in US dollars) in May increased by 27.9% year-on-year, China Customs announced today June 7. This growth was lower than the 32.1% growth forecast given by analysts in a recent Reuters poll.

In Japan, the Nikkei 225 gained 0.27% to reach 29,019.24 while the Topix index inched nearly 0.1% to 1,960.85. South Korea’s Kospi index closed at 3,252.12, up 0.37%.

In Australia, the S&P/ASX 200 index fell 0.19% to 7,281.90. Meanwhile, the MSCI Asia-Pacific Index (excluding Japan) fell 0.1%. The Malaysian and New Zealand stock markets are closed today for a holiday.

In another development, Finance Ministers of G7 countries recently supported the global minimum corporate tax rate of 15% proposed by the US.

In the currency market, the US dollar index against other strong currencies today continued to fall to 90.261, from 90.4. The Japanese yen appreciated and converted 109.55 JPY to 1 USD, after rising to 110.1 JPY/USD set at the end of last week. The Australian dollar also increased to a level of 1 AUD “eating” $ 0.7734, compared with 1 AUD / 0.768 USD at the end of last week.

Oil prices traded in Asia this afternoon fell. Brent oil futures slid 0.72% to $71.37 per barrel while US crude futures fell 0.62% to $69.19 per barrel.