Asian stocks mixed on Chinese data

China’s May trade data disappoints; Asian markets were mixed after the S&P 500 posted its highest level in 2023. Asia-Pacific markets were mixed as the region watched China’s May trade data and a speech by Reserve Bank of Australia Governor Philip Lowe, a day after the Reserve Bank of Australia raised its benchmark interest rate to an 11-year high. China’s trade data missed expectations; exports fell 7.5% year-on-year, sharply below the 0.4% drop expected, while imports saw a smaller 4.5% annual decline, compared with the 8% decline forecast. The country’s trade surplus in May fell 16.1% to $65.81 billion. In Australia, the S&P/ASX 200 rose 0.14% and Australia’s gross domestic product grew 2.3% in the first quarter, its slowest growth rate in 1.5 years. The rally in Japanese stocks appeared to have stalled as the Nikkei 225 led losses in the region, shedding 1.42%. The Topix saw a smaller 1% loss. South Korean stocks returned from a public holiday on a positive note, with the Kospi rising 0.34% and the Kosdaq rising 0.97%. Hong Kong’s Hang Seng index rose 1.06% at the open, while mainland Chinese markets also rose. The Shanghai Composite Index rose 0.3% and the Shenzhen Component Index rose 0.11%. Overnight in the U.S., the S&P 500 and Nasdaq Composite advanced to their highest closes since the start of 2023 on Tuesday as Wall Street digested a recent rally that took the broader index to a nine-month high. The Dow Jones Industrial Average saw a smaller 0.03% gain.