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Key News
Asian equities were mixed overnight as Hong Kong underperformed.
China released April trade data overnight that sent markets lower. The decline in export growth was expected due to slowing global growth, which is leading to declining demand for products from the world’s factory. To be clear, exports were still up year-over-year (YoY), but the YoY growth was considerably lower than in March. Somewhat surprising, and likely a major factor in last night’s market moves, was the sharp decline in imports, which may lead some to question China’s economic recovery. However, imports declined in March too. This could also be due to semiconductor export restrictions showing up in the trade data.
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