Wednesday, 9 March 2016

Markets fall, Chinese exports plunge

Markets were mostly down on Tuesday.

The S&P 500 fell 1.1 percent, the STOXX Europe 600 fell 1 percent and the Nikkei 225 fell 0.8 percent.

The Shanghai Composite Index managed to eke out a 0.1 percent gain despite a report earlier showing that Chinese exports fell 25.4 percent in February from a year earlier, twice as much as markets had expected. Imports fell 13.8 per cent.

While the export drop was the biggest since May 2009, the Lunar New Year holidays may have exaggerated the weakness. "We'll probably see a significant reversal and a stronger number next month," said Julian Evans-Prichard, China Economist at Capital Economics.

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