China shares fell as investors digested much weaker-than-expected export data released late Monday. The CSI 300, which tracks the top 300 stocks on the Shanghai and Shenzhen exchanges, declined by 2.66%. Hong Kong’s Hang Seng fell by 3.67%.
China shares dropped as investors noted the lack of new concrete stimulus plans coupled with sluggish export numbers. The export figures showed a mere 2.4% annual growth in September in dollar terms, well below expectations. The Nikkei 225 rose by 0.77%, at one point reaching a three-month high, led by technology and financial stocks.
Nvidia’s strong performance boosted semiconductor companies like Tokyo Electron and Advantest. They saw increases of 4.49% and 3.37%, respectively. Softbank, the majority owner of chip giant Arm Holdings, rose by 5.76%.
China exports disappoint investors
The weak yen, which benefits Japanese exporters, also boosted Nikkei shares. European stocks hovered around breakeven early Tuesday as investor optimism overcame a drop in oil prices.
Energy companies fell after reports indicated early trading declines. However, Ericsson surged 9% after its latest report. The Stoxx Europe 600 rose by 1.65%, with the FTSE 100 up by 0.82% in morning trading.
U.S. markets were largely unchanged in premarket trading on Tuesday, following a day when both the S&P 500 and Dow Jones Industrial Average posted gains. The S&P 500 finished up by 0.77%, and the Dow rose by 0.47%. The Nasdaq Composite came close to setting a new record, ending up by 0.87%.
Early trading on Tuesday showed gains for Nvidia, among others. Earnings season continues with major companies reporting their numbers throughout the week.
