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Asian stocks close lower after falling exports from China

Asian stock markets closed lower on Wednesday (7), hampered by a general aversion to risk that also affects trading sessions in New York and Europe.

The indices were also pressured by figures well below expectations for the volume of exports and imports from China in November, with the former suffering the biggest fall in the entire period of the Covid-19 pandemic.

The Shanghai Composite index closed down 0.40%, at 3,199.62 points, while the less comprehensive Shenzhen Composite was the exception, marking a modest increase of 0.15%, at 2,071.04 points.

The Hang Seng, from Hong Kong, fell 3.22%, to 19,441.18 points. In Tokyo, the Nikkei index fell 0.72%, to 27,686.40 points, and the South Korean Kospi fell 0.43%, to 2,382.81 points. In Taiwan, the Taiex closed with a loss of 0.67%, at 14,630.01 points.

According to the Chinese government, the country’s exports had an annual drop in November of 8.7%, while imports fell 10.6%, much larger than the expected declines of 2% and 4%, respectively.

According to Capital Economics, this was the biggest annual drop in China’s exports since the start of the Covid-19 pandemic, while imports declined at the fastest pace in 30 months.

“We expect overseas shipments to decline further in the coming quarters as cooling global demand outweighs any supply-side increases due to the easing of Covid-19 restrictions. The change from the Covid-zero policy and increased support for the real estate sector will eventually lead to a recovery in domestic demand, but probably not until the second half of next year,” projects senior China economist at the British consultancy, Julian Evans- Pritchard.

The announcement of further relaxation of restrictions against the coronavirus in the Asian giant was in the background, in this context.

In a statement, the National Health Commission (NHC) expanded the possibility for citizens to quarantine in their homes, eliminated the obligation to carry out tests to access public places – with some exceptions – and reduced the mandatory lockdown time. in regions that no longer present new infections.

In Oceania, the Australian S&P/ASX 200 index closed down 0.85%, at 7,229.40 points.

Over there, the market looked at the 0.6% increase in Australia’s Gross Domestic Product (GDP) in the third quarter compared to the second, and 5.9% in the annual comparison – below the forecast for expansion of 6.3%.

Source: CNN Brasil

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