· Asia-Pacific stocks mixed; oil prices jump about 1%
Shares in Asia-Pacific were mixed on Monday as investors reacted to China’s trade data released over the weekend.
Mainland Chinese stocks recovered from earlier losses to close higher, with the Shanghai composite up 0.2% to 3,498.63 while the Shenzhen component climbed 0.32% to 14,508.86.
Hong Kong’s Hang Seng index dipped around 0.4% as of its final hour of trading. South Korea’s Kospi closed 0.31% lower at 2,960.20.
Elsewhere, Taiwan’s Taiex closed 0.68% higher at 17,415.30.
MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.14%.
Official data released over the weekend showed China’s exports surging 27.1% in October as compared with a year ago. That was higher than the 24.5% growth forecast by analysts in a Reuters poll.
· Japan stocks end lower as dour earnings hit construction firms
Japanese shares closed lower on Monday as construction stocks weakened on some downbeat earnings, while drugmakers lost their footing after Pfizer’s COVID-19 antiviral pill showed promising efficacy in a trial.
The Nikkei share average fell 0.35% to 29,507.05, despite Wall Street finishing strong on Friday, slipping from a one-month high hit on Thursday. The broader Topix ended 0.30% lower at 2,035.22.
With Japanese corporate earnings season in full swing this week, investors were hesitant to buy near the Nikkei’s psychological resistance at 30,000.
· European markets start the new trading week on a flat note
European stocks were flat on Monday, lacking clear direction at the start of the new trading week.
The pan-European Stoxx 600 hovered around the flatline in early trade, with autos shedding 0.8% while oil and gas stocks added 0.5%.
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