Market Updates
Asian Markets Down, China Trade Surplus Shrinks to 7-month Low
Arjun Pandit
07 Dec, 2022
Mumbai
Asian markets traded lower amid global recession worries and China trade data also weighed on the market sentiment.
Japanese indexes declined on the rising U.S. recession worries and Chinese indexes dropped after the international trade surplus in November fell to the level last seen in mid-2020.
Indexes in India declined for the third day after advancing for eight rates in a row on the optimism of domestic economic growth and rising consumption.
Separately, the Reserve Bank of India increased its key lending rate as expected by 35 basis points on Wednesday.
The Nikkei 225 average declined 0.3% to 27,686.40, the Shanghai Composite index dropped 0.4% to 3,199.62, the Hang Seng index plunged 3.3% to 18,814.82 and the Sensex index eased 0.3% to 62,410.68.
China's Trade Surplus Shrinks to 7-month Low
China's trade surplus fell to the smallest level since April and exports declined for the second month in a row.
China's international trade surplus shrank to $69.8 billion in November from $71.7 billion in October, exports fell 8.7% and imports declined 10.6%.
Imports fell at a faster rate on the weakening of demand after widespread Covid-restrictions cut in the mobility and economic activities.
India Lowers Key Lending Rate
The RBI lifted its key rate by 35 basis points to 6.25%, the fifth rate hike in a row following the 50 basis points increase in September. GDP growth estimate was revised lower to 6.8% from 7.0%.
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