Asian stock market news: Asian stock indices fell in today’s trading after data showed a decline in Chinese exports.

China’s exports fell 8.7 percent year on year in November to $296.1 billion, official data showed. The index fell for the second month in a row (in October it dropped by 0.3%), and the rate of its decline was the highest since February 2020. Experts attribute this reduction mainly to a drop in demand in the world amid a slowdown in the global economy. Even EURODOLLAR futures were affected by the situation.

Asian stock market today – what’s happening right now?

Imports fell 10.6% year-on-year last month to $226.2 billion, after declining by 0.7% a month earlier. China’s foreign trade surplus narrowed to its lowest since April, $69.84 billion in November, down from $85.15 billion a month earlier and $71.7 billion a year earlier.

Meanwhile, investors welcomed the news of further easing of coronavirus restrictions in China. Now, entire neighborhoods and blocks will not be closed for lockdowns, as they used to be, but only residential floors and buildings. Also, people who test positive for COVID-19 will be able to self-isolate at home rather than in overcrowded hospitals. Also, schools that have not had outbreaks will have to return to the face-to-face format.

Japan’s Nikkei 225 stock index was down 0.7%. Australia’s S&P/ASX 200 index was down 0.9%. Australia’s GDP rose 0.6% in Q3 from the previous quarter, according to the country’s Bureau of Statistics. Analysts on average had expected the Australian economy to grow by 0.7% in July-September, Trading Economics wrote.

The country’s GDP grew by 0.9% in the 2nd quarter. Thus, the Australian economy has shown an upturn for the fourth consecutive quarter. but the rate of increase was the weakest in that period amid weak growth in consumer spending due to high inflation and higher interest rates. On an annualized basis, GDP rose 5.9% in Q3 after climbing 3.4% in Q2 and compared to the 6.2% expected by analysts.

Earlier, we reported that European stock markets mostly closed lower on December 5.