The Asian and Pacific Rim financial markets were mostly lower on Tuesday. Typhoon Nangka has shuttered the Hong Kong’s financial markets as well as the city. Trade volume in the region is lighter than usual.
Economic data out of China was better than expected. Quarterly exports for the world’s second largest economy rose.
In Japan, the Asian benchmark, the Nikkei 225 was down slightly by mid-morning. The broader Topix index was up a fraction of a percent. Across the Korean Strait, the Kospi composite index, in Seoul South Korea, was down over 0.4 percent.
Elsewhere in the Asian and Pacific Rim, the Australian S&P ASX 200 was up over one percent by late morning.
In China, on the mainland, share were trading mostly lower. On the Shanghai composite, shares fell 0.44 percent. The Shenzhen component was down 0.36 percent.
Asian Traders Digest Chinese Export Data
China has released quarterly export data in yuan denominated terms. Exports in the world’s second largest economy gained 10.2 percent in the third quarter from a year ago. This is official data released by their national customs agency.
Imports, during the same time frame added 4.3 percent.
Analysts and the financial markets had expected exports to gain ten (10) percent and rise 0.3 percent for the month of September.
Global demand for medical supplies out of China helped to boost exports over the last several months. China was the first country to experience the global coronavirus (Covid-19) pandemic and was the first major economy to reopen and start business activity.
Later today, China will release dollar denominated import and export data for the month of September.
Traders watch U.S. Political Drama
The United States Senate has begun the contentious hearings to replace the vacancy on their Supreme Court opened after the death of Judge Ruth Bader Ginsberg.
With less than 20 days until the national election to decide who will be the next President of the United States, this confirmation hearing for Amy Coney Barrett is already heated and extremely lively. The Senate Republicans control the upper house and can pass her confirmation.