China Trade Data, SoftBank Earnings, Currencies, Oil

SINGAPORE — Asia-Pacific stocks traded lower on Monday and SoftBank is expected to report earnings after the market close.

The Nikkei 225 in Japan was roughly flat with energy stocks gaining but real estate stocks falling while the Topix index fell 018%.

SoftBank shares were up 1.45% ahead of the earnings announcement.

In Australia, the S&P/ASX 200 lost 0.21%.

Oz Minerals shares rose 34.91% after the company rejected BHP’s A$8.34 billion ($5.76 billion) takeover bid.

South Korea’s Kospi slipped 0.29% and the Kosdaq lost 0.41%.

Chipmaker SK Hynix slipped 2.44% on Monday after the Korea Herald reported that a South Korean city, Yeoju, is demanding higher compensation for the company building pipes to bring massive amounts of water to its plant in another city transport.

Hong Kong’s Hang Seng Index slipped 0.76%, while the Hang Seng Tech Index slipped 1.82%.

Mainland China markets were lower. The Shanghai Composite lost 0.16% and the Shenzhen Component lost 0.23%.

MSCI’s broadest index of Asia Pacific stocks outside of Japan lost 0.57%.

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Over the weekend, China released trade data for July that showed dollar-denominated exports rose 18% yoy.

That’s the fastest pace of growth this year, beating analysts’ expectations for a 15% rise, Reuters reported.

China’s dollar-denominated imports rose 2.3% in July compared to the same period in 2021, less than the expected 3.7% gain.

On Friday, 528,000 nonfarm payrolls were employed in the US, well above expectations. Treasury yields rose sharply.

“Noise in Seasonal Adjustment Factor could lead to downside surprises in coming months, all else being equal; but there is no question that the U.S. job market is extremely tight,” ANZ Research said in a statement Monday.

“The payroll data has validated efforts by Fed spokesmen over the past week to correct the market’s perception that Powell’s ‘data-dependent’ stance is dovish,” the note added.

Currencies and Oil

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