Asian Markets Rise; Chinese Stocks Inch Up Despite Declining Exports

Investing.com – Asian markets rose in morning trade on Monday. Chinese stocks inched up even after data showed the country’s exports declined in November.

in China declined for the fourth consecutive month, customs data showed. Overseas shipments dropped 1.1% year-on-year in November, compared with the expected 1.0% expectation. Imports rose 0.3% during the month, exceeding projections for a 1.8% decline.

The data came as Beijing and Washington aim to reach a “phase one” trade deal that has so far remained elusive ahead of a Dec. 15 deadline, when additional tariffs will be imposed on Chinese goods.

In an interview with Bloomberg, White House economic adviser Larry Kudlow said U.S. President Trump “likes what he sees so far in the trade deal with China.”

Both sides are “still close” to agreeing on a phase-one trade deal, he added.

Chinese equities traded slightly lower following the release of the data but recovered soon after. The Shanghai Composite inched up 0.1% by 10:30 PM (02:30 GMT), while the gained 0.3%.

China will report on inflation on Tuesday.

Hong Kong’s Hang Seng index climbed 0.2%.

Meanwhile, Japan’s Nikkei 225 advanced 0.4% as the Cabinet Office data showed the country’s grew at an annualized 1.8% in the period of July-September, faster than the preliminary reading of 0.2% annualized growth.

South Korea’s KOSPI rose 0.4%. Down under, Australia’s ASX 200 also gained 0.4%.

Central banks meetings will be in focus this week. Policy meetings at the Federal Reserve and the European Central Bank are due on Wednesday and Thursday this week respectively, and are expected to provide hints on whether more monetary easing is in store next year.

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