Asia markets mixed as China trade tumbles more than expected - CNBC

Cargo ships stop at their berths to load and unload containers at the container terminal in Lianyungang Port, East China's Jiangsu province, June 5, 2023.

Wang Chun | Future Publishing | Getty Images

Asia-Pacific markets were mixed on Tuesday as China's July trade came in lower than expected.

China saw a 14.5% year-on-year drop in exports, while imports came in 12.4% lower year-on-year. Economists polled by Reuters expected a 12.5% slide in exports and a 5% drop in imports.

Hong Kong's Hang Seng index slipped 1.74% in its final hour, and mainland Chinese markets are all lower. the Shanghai Composite fell 0.25% to end at 3,260.62 and the Shenzhen Component was down 0.42%, closing at 11,098.45.

Japan's Nikkei 225 rose 0.38% to take its winning streak to three days and end at 32,377.29, while the Topix was up 0.34% and closed at 2,291.73 as the country's household spending remained in negative territory for the fourth straight month. Overall household spending fell 4.2% year on year in June, compared with 4% in May, official data showed.

In Australia, the S&P/ASX 200 climbed marginally and ended at 7,311.1, while South Korea's Kospi dipped 0.26% to mark five straight days of losses and the Kosdaq slipped 0.65% to 892.34.

Overnight in the U.S., all three major indexes gained as investors continue to digest better-than-expected earnings results. Roughly 85% of S&P 500 stocks have reported quarterly results, and nearly 80% of them have beaten Wall Street's expectations, according to FactSet.

The 30-stock Dow surged nearly 1.2%, for its best day since June 15. Meanwhile, the Nasdaq Composite added 0.6%, and S&P 500 closed higher by 0.9%. Both the Nasdaq and the S&P500 broke four-straight sessions of losses.

— CNBC's Brian Evans contributed to this report

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