asia markets pare early losses after china trade data
Last Updated : GMT 09:07:40
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Last Updated : GMT 09:07:40
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Asia markets pare early losses after China trade data

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Egypt Today, egypt today Asia markets pare early losses after China trade data

Pharmaceutical firms in Asia followed their US counterparts down
Hong Kong - AFP

Asian markets staged an afternoon recovery Wednesday following upbeat Chinese trade data, but gains were patchy with drugs firms hit by Donald Trump's promise to slash prices.
This week has seen equity and forex traders take a step back after February's rally, with Friday's US jobs data in focus and the Federal Reserve preparing for a much-anticipated policy meeting on March 14.
Pharma firms tumbled in New York and across Europe after Trump tweeted: "I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!"
That came as Republicans released plans to tear up key parts of Obamacare, fuelling worries about cutbacks.
The losses seeped through to wider stock markets in the morning but news that Chinese imports had surged 38.1 percent in February -- almost twice as much as forecast in a Bloomberg survey -- provided a platform for recovery.
The import jump, along with a 1.3 percent fall in exports, led to a shock trade deficit -- its first in three years -- and fuelled hopes that the world's number two economy and key driver of global growth is showing signs of improvement on the domestic front.
Beijing is trying to reconfigure the economy from one driven by exports and state investment to one based on domestic consumption. The figures follow upbeat reports on 2016 growth and factory activity.
Imports surged as economic activity recovers and commodity prices increase, Wen Bin, a researcher at China Minsheng Banking Corp. in Beijing, told Bloomberg News.
"Exports missed estimates mostly because trade is generally very volatile in the first two months due to the Chinese New Year factor."
Shanghai closed 0.1 percent down -- having shed 0.4 percent at one point -- while Hong Kong ended up 0.4 percent for a third-straight gain.
On Tuesday the People's Bank of China said its foreign exchange reserves unexpectedly bounced back above $3 trillion in February, indicating tighter controls have staunched a flood of cash out of the country as the US prepares to raise borrowing costs.
The bank has spent hundreds of billions trying to curb the capital flight, with the yuan struggling at eight-year lows against the dollar.
- ZTE soars after fine -
"It suggests that Chinese authorities have indeed managed to stem the capital flight that so many investors are worried about. Naturally it’s done that through capital controls," said Greg McKenna, chief market strategist at CFD and forex provider AxiTrader.
"It doesn’t mean China is out of the woods, especially with the Fed about to embark on a rate hike cycle, but it seems the pressure has been released for the moment."
Sydney was flat, Seoul added 0.1 percent, Singapore gained 0.3 percent and Wellington put on 0.2 percent. Taipei climbed 0.2 percent and Manila 0.3 percent
However, Tokyo held on to losses and fell 0.5 percent, with investors unmoved by revised data showing the Japanese economy grew more than first estimated in the final quarter of 2016 but still missing expectations.
In Hong Kong Chinese telecoms giant ZTE surged more than six percent after agreeing to pay a $1.2 billion fine to US authorities for breaking laws restricting the sale of goods to Iran and North Korea. Analysts said the deal ended long-running uncertainty about its ability to trade in the world's biggest economy.
Focus now turns to US non-farm payrolls figures Friday, which will be followed by the Fed policy meeting. Expectations are for a strong jobs reading, which unless disappointing will be followed by the Fed's first rate increase this year.
The dollar edged down against the yen but analysts said investors are keeping their powder dry until Friday's figures.
In early European trade London fell 0.1 percent, Paris dropped 0.3 percent and Frankfurt was 0.4 percent down.
- Key figures around 0800 GMT - 
Tokyo - Nikkei 225: DOWN 0.5 percent at 19,254.03 (close)
Hong Kong - Hang Seng: UP 0.4 percent at 23,786.31 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,240.66 (close)
London - FTSE 100: DOWN 0.1 percent at 7,333.89
Euro/dollar: DOWN at $1.0564 from $1.0567
Pound/dollar: DOWN at $1.2202 from $1.2203
Dollar/yen: DOWN at 113.70 yen from 114.00 yen
Oil - West Texas Intermediate: DOWN 34 cents at $52.80 per barrel
Oil - Brent North Sea: DOWN 29 cents at $55.63
New York - Dow: DOWN 0.2 percent at 20,924.76 (close)

Source: AFP

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asia markets pare early losses after china trade data asia markets pare early losses after china trade data



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