Overseas Trading: China Dives on Trade Data; Oil Lifts Europe

China's trade data disappointed, but oil's rise is lifting European stocks

May 9, 2016 at 8:37 AM
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It was a mixed day for Asian markets, as Chinese stocks sold off for a second straight session. Sparking the plunge was China's lackluster trade data, with exports sliding 1.8% in April on a year-over-year basis, and imports falling by nearly 11%. A report in "The People's Daily" about an "L-shaped" economic recovery also worried investors. In all, the Shanghai Composite dropped 2.8%.

Meanwhile, Hong Kong's Hang Seng managed a 0.2% gain, and Japan's Nikkei closed 0.7% higher -- as minutes from the Bank of Japan (BoJ) hinted at widespread agreement the economy is recovering. Lastly, South Korea's Kospi returned from holiday to end 0.5% lower.   

In Europe, stocks are moving higher as oil prices continue to rise. Outside of the wildfires in Canada that are cutting into crude supply, traders are considering the implications of Saudi Arabia's decision to replace its oil minister, Ali al-Naimi. However, China's weak economic data has sent mining stocks tumbling. The German DAX was up 1.8% at last check, while France's CAC 40 has tacked on 1.3%. London's FTSE is slightly higher, gaining 0.3%. 

Overseas Markets May 9

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