Forex Marketz Daily Forex News – Fully Markets Update
The markets in the Asian and Pacific Rim were on the defensive this morning after economic traders digested weak trade data out of China. The financial markets in Japan were closed for a public holiday.
The other Asian markets in South Korea, China, Hong Kong and Singapore were all trading lower this morning
In South Korea, the Asian benchmark, the Kospi composite index, was down. This index lost 0.6 percent. Technology plays were mostly lower this morning.
Shares of index heavyweight, Samsung Electronics lost 0.62 percent. Shares of rival chip maker, SK Hynix were down a whopping 4.15 percent. Shares of South Korean internet company, Naver, shed 3.82 percent.
Asian Traders Digest Trade Data out of China
The benchmark in Hong Kong, the Hang Seng index lost 1.42 percent. In Singapore, the Straits Times Index lost 0.35 percent.
On the mainland in China, the Shanghai composite fell almost 0.49 percent. The smaller Shenzhen component index lost 0.59 percent.
Looking at economic data, out of China this morning, December exports were down 4.4 percent from 2018. This is the largest monthly drop since 2017.
This was official data released today. The data further worried traders as they see even more weakening in China’s economy. The Chinese economy is the world’s second largest economy.
Imports also contracted for the month. They ended up losing 7.6 percent. This was their largest contraction since July 2016.
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