Asia stocks traded mixed Monday morning as China's exports declined in November for the fourth consecutive month, according to the country's customs data.
Mainland Chinese stocks dipped in early trade, with the Shanghai composite down about 0.2%. The Shenzhen component and Shenzhen composite were both fractionally lower.
Hong Kong's Hang Seng index also slipped 0.14%, as protests in the country entered their sixth month. Demonstrators have been locked in a stalemate with the city's embattled local government since early June.
China's overseas shipments dropped 1.1% year-on-year in November, below the 1.0% expansion expected by analysts in a Reuters poll. Imports, on the other hand, rose 0.3% as compared to a year earlier — exceeding projections for a 1.8% decline.
The latest print on Chinese trade comes as Beijing remains embroiled in a trade war with Washington. Both parties aim to reach a "phase one" trade deal that has remained elusive ahead of a closely-watched date of Dec. 15, when additional tariffs on Chinese exports to the U.S. are set to kick in.
The continued decline in exports from China means that Beijing has "very good incentive to come to some agreement," Steve Cochrane, chief Asia Pacific economist at Moody's Analytics, told CNBC's "Squawk Box" on Monday. "That ... might be a positive factor."
Still, Cochrane remained uncertain on the possible timeline for the two economic powerhouses to strike a deal: "I think there's probably as much of a chance that we go into next year before we get an agreement, as we get one next week."
Elsewhere, the Nikkei 225 in Japan rose 0.22% in morning trade while the Topix index gained 0.25%. South Korea's Kospi also added 0.41%. Shares in Australia also gained, with the S&P/ASX 200 up by 0.15%.
Overall, the MSCI Asia ex-Japan index traded 0.12% higher.
Meanwhile, a blockbuster jobs report stateside sent the Dow Jones Industrial Average soaring 337.27 points to close at 28,015.06 on Friday — its best performance since Oct. 4.
The U.S. economy added 266,000 jobs in November, according to figures released Friday by the Labor Department, smashing a gain of 187,000 expected by economists in a Dow Jones poll. The unemployment rate fell to 3.5%, matching its lowest level since 1969.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.695 after falling from levels above 98.1 last week.
The Japanese yen traded at 108.58 per dollar after strengthening from lows beyond 109.6 in the previous week. The Australian dollar changed hands at $0.6833 after rising from levels below $0.678 last week.
Oil prices dipped in the morning of Asian trading hours, with international benchmark Brent crude futures shedding 0.34% to $64.17 per barrel. U.S. crude futures also fell 0.44% to $58.94 per barrel.
— CNBC's Fred Imbert contributed to this report.
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December 09, 2019 at 06:32AM
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Asia stocks mixed as China's exports decline in November - CNBC
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