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Global Stocks: Asian stock indices mostly fell
U.S. stock markets were closed on Monday.
This morning in Asia Hong Kong Hang Seng added 0.04%, or 9.15 points, to 20,592.67. China Shanghai Composite Index fell 1.38%, or 42.37 points, to 3,038.05. The Nikkei lost 1.77%, or 316.04 points, to 17,544.43.
Asian stock indices mostly fell amid concerns over China's economy. Japanese stocks edged up at the beginning of the session due to revised GDP data for the second quarter of the current year. Japan GDP contracted by 1.2% in Q2 compared to a 1.6% contraction stated in a preliminary report published on August 17. Weaker exports resulted in slower economic activity. Japan is influenced by China's economy.
Another report showed that Japan trade surplus came in at ¥1808.6 billion in July compared to ¥1715 billion expected. This surplus suggests that capital inflows are greater than outflows.
Meanwhile China's trade surplus came in at $60.24 billion in August beating expectations for $48.2 billion. Exports fell by 5.5% y/y compared to -8.3% reported previously and -6.0% expected. At the same time imports fell by 14.3% in August compared to -8.1% in July. Imports missed expectations too.
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