Chinese export data drags down Asian Markets

IC Markets Market Review
IC Markets Market Review

Global Markets:

  • Asian Stock Markets : Nikkei down 2.00%, Shanghai Composite down 4.38%, Hang Seng down 1.74%, ASX down 0.96%
  • Commodities : Gold at $1293.05 (+0.54%), Silver at $15.11 (+0.49%), Brent Oil at $65.76 (-0.81%), WTI Oil at $56.24 (-0.74%)
  • Rates : US 10-year yield at 2.634, UK 10-year yield at 1.180, Germany 10-year yield at 0.053

News & Data:

  • (CNY) Trade Balance 34B vs 257B expected
  • (EUR) Main Refinancing Rate 0.00% vs 0.00% expected
  • (AUD) Trade Balance 4.55B vs 2.85B expected
  • (AUD) Retail Sales m/m 0.10% vs 0.30% expected

Markets Update:

Asian stock markets, led by China, are notably lower on Friday following the weak cues overnight from the U.S. and European markets amid fresh worries about a global economic slowdown after the European Central Bank slashed its economic growth forecast for the eurozone. Investors are also cautious as they look ahead to the release of the U.S. Labor Department’s closely-watched monthly jobs report for February later in the day.

Chinese customs data on Friday showed that dollar-denominated exports for China fell 20.7 percent for the month of February from a year ago, missing a 4.8 percent decline that economists polled by Reuters had expected.

Mainland Chinese shares tumbled by the end of the morning session, with the Shanghai composite falling 4.4 percent and the Shenzhen component slipping 3.7. Hong Kong’s Hang Seng index also declined 1.7 percent. Japan’s Nikkei 225 fell 2 percent in afternoon trade, as shares of index heavyweights Fast Retailing, Softbank and Fanuc all saw declines. The Topix also slipped 1.8 percent.

The greenback reached a new 2019 high against a basket of currencies, before steadying at 97.537. The euro also shed over 1 percent on the yen overnight and was last trading at 124.57 yen. The safe-harbour Japanese currency was one of the few to hold its own on the dollar, firming to 111.28.

Upcoming Events:

  • 02:30 PM GMT – (CAD) Employment Change
  • 02:30 PM GMT – (CAD) Unemployment Rate
  • 02:30 PM GMT – (USD) Average Hourly Earnings m/m
  • 02:30 PM GMT – (USD) Non-Farm Employment Change
  • 02:30 PM GMT – (USD) Unemployment Rate
  • 02:30 PM GMT – (USD) Building Permits
  • &more…

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