Asian markets declined heavily amidst fears of an extended pause by the Federal Reserve attributed to stronger-than-expected payrolls data from the U.S. Data from China that showed a better-than-expected trade balance did not suffice to lift market sentiment. Markets in Japan are closed for a holiday.
China's Shanghai Composite Index edged down 0.27 percent to finish trading at 3,159.84. The day's trading ranged between 3,172.70 and 3,140.98. The Shenzhen Component Index closed flat at 9,796.18.
China's exports registered a stronger-than-expected growth in December taking the trade surplus for 2024 to a record high as businesses front loaded orders as trade tariff treats loom.
Data from the General Administration of Customs on Monday showed that exports advanced 10.7 percent on a yearly basis in December, faster than the 6.7 percent increase in November and also economists' forecast of 7.3 percent.
At the same time, imports increased moderately by 1.0 percent on year but confounding expectations for a decline of 1.5 percent. This follows a 3.9 percent decline in November.
Consequently, the trade surplus increased to $104.8 billion from $97.4 billion in November. The surplus was well above the expected level of $100 billion.