Asian stocks were mixed on Monday after strong US jobs data cleared the way for more interest rate hikes and China reported its exports rose by double digits.
Shanghai and Tokyo advanced while Hong Kong and Seoul retreated. Oil prices edged higher.
Wall Street’s benchmark S&P 500 lost 0.2 per cent on Friday after government data showed American employers added more jobs than expected in June. That undercut expectations a slowing economy might prompt the Fed to postpone or scale back plans for more rate hikes to cool inflation.
Now it seems they will be debating whether they need to be even more aggressive, Edward Moya of Oanda said in a report.
The Shanghai Composite Index shed less than 0.1 per cent to 3,226.04 after China’s July exports rose 18 per cent, beating forecasts. The Hang Seng in Hong Kong fell 0.7 per cent to 20,055.39 while the Nikkei 225 in Tokyo gained 0.2 per cent to 28,241.09.
The Kospi in Seoul declined 0.3 per cent to 2,482.32 and Sydney’s S&P-ASX 200 shed .
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