Business News

HONG KONG, (APP/AFP) – Shanghai stocks tumbled almost
three percent Monday on another disappointing Chinese trade report, but Tokyo was boosted by a weaker yen after US jobs data reinforced expectations for more interest rate hikes this year.
Beijing at the weekend released figures showing exports fell almost
two percent last month while imports plunged nearly 11 percent, stoking fresh fears about the state of the world’s number two economy.
The figures were a disappointment after a March report showing a
surge in overseas shipments had raised hopes that a growth slowdown in China was finally bottoming out.
Shanghai closed 2.8 percent down, extending a similar loss Friday.
Fears about China’s growing debt bubble were back on the agenda, as
the leadership’s official mouthpiece newspaper said Monday the country must bring an end to credit-driven growth to avoid a financial crisis.
The People’s Daily piece, which comes as leaders struggle to cap
rising bad loans and other risks, could be a signal that Beijing is to rein in monetary stimulus efforts, analysts said.
Among other markets, Seoul was 0.5 percent lower, but Sydney reversed
early losses to gain 0.5 percent.
Hong Kong was up 0.3 percent in the afternoon.