Market Commentary - Foreign Markets
Chinese Markets End Marginally Higher After Trade Data As on : 12-Jul-24  16:11

Asian stocks ended mixed on Friday as investors reacted to surprisingly soft U.S. inflation data, mixed Chinese trade figures and comments from several Federal Reserve officials on the rate trajectory.

The dollar edged up slightly as the latest inflation data fueled bets for a September rate cut and a Pew Research Centre poll showed former President Trump leading President Biden by 4 points among registered voters.

China's Shanghai Composite index ended a choppy session marginally higher after the release of mixed trade data.

Hong Kong's Hang Seng index jumped 2.59 percent to 18,293.38 after China unveiled fresh curbs on short selling.

Ahead of next week's Third Plenum meeting, there was speculation that Chinese policymakers may announce a tax revamp to plug gaps in local government funding.

China's exports increased more than expected in June but imports fell unexpectedly, official data showed on Friday. Exports posted an annual growth of 8.6 percent in June, following May's 7.6 percent increase.

Imports dropped 2.3 percent annually, in contrast to the 1.8 percent increase in May.

As a result, the trade surplus surged to $99 billion from $82.6 billion in the prior month.

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