Taiwan biggest loser in Asian equities trading
Asian equities had a mixed session morning of 10 July 2012 with no strong direction coming from overnight developments, says RBS.
Asian equities had a mixed session this morning with no strong direction coming from overnight developments. The MSCI Asia Pacific index was down 0.6% at the time of print.
On an individual basis Taiwan was the biggest loser, down 0.9%. The other markets were trading in a narrow range of +/-0.5%.
Chinese markets chose to look at the weak import data from the June trade report released this morning showing a bigger surplus than consensus expectation (USD 31.7bn vs. USD24bn consensus) which was simultaneously propped up by weak imports (6.3% vs. 11% consensus) and marginally better exports (11.3% vs. 10.3% consensus).
Sentiment was also dampened by the downbeat comments from Chinese customs and commerce ministry officials, citing concerns of global slowdown and rising protectionism.