Asian shares could not yet decide on what to make out of the lower than forecasted exports data. In the morning trade, stocks behaved mixed. Investors also digest fears on inflation after US Consumer Price Index came higher than expected last week.
MSCI’s broadest Asia Pacific Index outside Japan shed off 0.1%, while Japan’s Nikkei 225 ascended to its highest in a month. The latter managed to clock in a 0.3% hike during the session.
Toshiba announced plans to facilitate a buy-back program as its financial standing stabilizes. The tech firm plans to regain 6% of its total shares worth 100 billion in local currency or $913 million. It also announced the setting aside of some 50 million yen distributed as dividends among its retail and institutional investors.
The Shanghai Composite Index declined by 0.21% in China, while the Shenzhen Component followed with a 0.67% fall.
In the latest update in its economic indicators, Chinese exports edged up by nearly 28% year over year. However, such a result failed to beat analysts’ expectations of a 32.1% jump.
Meanwhile, Chinese imports hiked by more than 50%, which is higher than analysts’ expectations. This resulted in a high trade deficit during the period. In Hong Kong, the Hang Seng Index edged down 0.77%. In the latest update, HSBC announced the retirement of its Chief Executive Officer for Asia Pacific operations.
The leader has been with the company for more than 10 years and has contributed to the firm’s operations since 2010. He will be replaced by David Liao, who will work closely with HSBC India’s Surendra Rosha to run operations in the whole region.
ASX 200 Fell Despite Booming Job Ads
The ASX 200 fell by 0.11% on the first trading session of the week from the land-down-under. This is despite the healthy performance of the labor market as the economy continues to recover.
The country’s job advertisements jumped by 7.9% in May, signaling that recovery remains steady despite the risk. Along with this, the S&P Global Ratings upgraded its economic rating to ‘steady’ after sitting in on the ‘negative’ roster for so long.
Analysts noted that investors are still apprehensive about reacting to the consequent positive data as infections continue to rise.
Both Melbourne and Victoria declared the extension of their respective localized lockdowns last week amid increased transmissions. This week, traders’ focus will rest on inflation data and vaccination progress.