Asian Shares Mixed As China Exports Beat Forecasts

(RTTNews) - Asian stocks ended mixed on Monday despite U.S. President Donald trump intensifying his trade war with threat of 30 percent tariffs on the European Union and Mexico. China's exports growth beat expectations in June, helping limit regional losses., if any.

The dollar held steady in Asian trade and gold climbed above $3,370 per ounce while oil prices jumped more than 1 percent ahead of expected U.S. sanctions on Russia that may affect global supplies.

China's Shanghai Composite index edged up by 0.27 percent to 3,519.65 as customs data showed China's overall exports jumped 5.8 percent in June year-on-year in U.S. dollar terms.

Imports grew 1.1 percent from a year earlier, rising the first time this year.

China's exports of rare earths surged 60.3 percent in June from a year earlier and rose 32 percent from the previous month, indicating a push by global buyers to get hold of the materials used to make powerful magnets.

Hong Kong's Hang Seng index rose 0.26 percent to 24,203.32 ahead of Chinese retail sales, industrial output and gross domestic product due on Tuesday.

Japanese markets ended slightly lower due to ongoing uncertainty over unresolved trade talks with the U.S. and apprehensions surrounding upcoming domestic election.

Investors also reacted to weak government data that showed Japan's core machinery orders fell 0.6 percent in May from the previous month.

The Nikkei average slipped 0.28 percent to 39,459.62, extending losses for a third consecutive session. The broader Topix index settled marginally lower at 2,822.81.

Seoul markets rose notably as shares of consumer goods and retailers surged ahead of the planned distribution of the government-led cash handouts.

The Kospi average rallied 0.83 percent to 3,202.03, surpassing the 3,200-point line for the first time in nearly four years. Lotte Shopping, Shinsegae and AmorePacific jumped 3-7 percent.

Australian stocks ended slightly lower, with industrials, consumer discretionary and utility stocks leading losses amid Trump's tariff threats.

The benchmark S&P/ASX 200 dipped 0.11 percent to 8,570.40 while the broader All Ordinaries index ended little changed at 8,815.30.

Gold miners performed well, with Evolution Mining, Resolute Mining, Northern Star Resources and Newmont rising around 2 percent each.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 ended little changed at 12,678.69 after the country's services sector showed mild improvement in June.

U.S. stocks retreated from record highs on Friday after President Trump threatened a 35 percent tariff on Canadian imports effective August 1 and warned of a blanket tariff of 15-20 percent on most trading partners.

The Dow slipped 0.6 percent, the tech-heavy Nasdaq Composite eased 0.2 percent and the S&P 500 gave up 0.3 percent.