Asian stocks diverge and China trade surplus surges
2019-04-12 07:38 am | Resource: NEWS | No Views : 43
Markets in the Asia-Pacific region were mixed on Friday as investors looked for more evidence on developments regarding trade negotiations between Washington and Beijing.
Earlier, White House economic adviser Larry Kudlow said there had been "good progress" in agreeing a US-China trade deal.
China's trade surplus surged to $ 32.64 billion in March
The surplus in international trade grew 14.2 percent year-on-year to $ 32.64 billion in March, according to Dow Jones and exceeded expectations, the General Administration of Customs said on Friday.
In US dollars, imports fell by 7.6% in the same month, more than expected. However, exports were much higher than expected, jumping 14.2%. Imports and exports for the first quarter of 2019 decreased by 4.8% and 1.4%, respectively, with a surplus of $ 76.3 billion.
Softbank collects $ 4.5 billion of bond issue
In other reports, The Financial Times reported that Softbank Group had announced the launch of the largest Japanese-denominated bonds of Palin on Friday.
Japan's giant technology company collected nearly 500 billion yen ($ 4.48 billion) through the issuance of bonds, which offered coupons of 1.64% on outstanding bonds in 2025. This was mid-range from 1.3 to 1.9% previously announced by the company. The bonds were secured by Nomura Securities, Daiwa Securities and 9 other insurance companies.
The bond issue is expected to be directed to finance Vision Vision, the world's largest technology investment fund, as Softbank aims to shift its focus from mobile phones to technology investments. Media said last week that the company plans to raise an additional $ 15 billion to the fund after it said in February it had consumed as much as half a $ 100 billion allocated to it.
Asian stocks close
Japan's Nikkei finished up 0.73%, while the South Korean Kospi rose 0.29%. The Shanghai Composite Index fell 0.48% at 8:02 CET, while the Shenzhen Composite Index fell 0.73% at the same time. Hong Kong's Hang Seng Index fell 0.38% at 8:03 CET. The Australian S & P / ASX 200 rose 0.75%.
The US Dollar was down 0.11% against the Japanese Yen to trade against 111.78 at 8:04 CET.
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