Shares Mostly Inch Up In Asia, But Shanghai Down After Trade Data


© Reuters. Asian shares mostly gain

Investing.com – Asian shares edged mostly higher on Thursday with Shanghai pointing down after a narrower than expected January trade surplus reported by Beijing that showed a surprise jump in imports.

225 rose 0.23%. Toyota rose 2.41% and Mitsubishi UFJ Financial Group was up 0.48%.

Australia’s fell 0.01%.

In Greater China, the fell 1.50% and the edged up 0.05%. China reported data with a $20.34 billion surplus, compared to a $54.10 billion surplus seen for January, data released on Thursday showed.

rose 11.1%, compared to a 9.6% gain seen and up from 10.9% in December, while soared 36.9%, compared to a 9.8% rise expected, and a jump from 4.5% in December.

Overnight, Wall Street closed lower on Wednesday after Treasury yields soared to four-year highs weakening investor appetite to buy the dips in equity markets despite optimism on the economy and corporate earnings.

The closed lower at 24,894.52.68. The closed 0.59% lower, while the closed at 7051.98, down 0.90%. The Dow Jones tumbled as much as 1,600 points to its lowest since Nov. 28.

The United States 10-Year rose over 3% nearly matching Monday’s high of 2.885%, the level that triggered a record drop in the Dow Jones, pressuring investors to abandon their bullish intraday bets on stocks.

Senate leaders reached a $300 billion two-year budget deal, easing investor uncertainty, averting a government shutdown just a day before a stopgap funding measure was slated to expire.

The rise in bond yields came amid confirmation of the government budget deal and a somewhat subdued 10-year auction as demand was light with the bid-to-cover ratio at 2.34 versus a previous 2.69, representing the lowest demand since September.

Offsetting that, somewhat, was mostly update corporate earnings as Snap delivered a blowout earnings report to close more than 40% higher, while Walt Disney beat earnings but missed revenue expectations.

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