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Pre-Market Report: Commodities Are Weaker amid the Firmer Dollar

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Pre-Market Report: Commodities Are Weaker amid the Firmer Dollar PART 1 OF 5

Asian Markets Are Mixed amid China’s Upbeat Trade Data

Economic calendar

8:15 AM EST – US ADP non-farm employment change (February)

8:30 AM EST – US non-farm productivity

10:30 AM EST – US crude oil inventories

8:30 PM EST – China’s consumer price index

8:30 PM EST – China’s producer price index

Asian Markets Are Mixed amid China&#8217;s Upbeat Trade Data

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China

After gaining for two consecutive trading days, the sentiment in the Shanghai Composite Index was mixed on Wednesday. Ongoing geopolitical tension along with increased concerns about liquidity in Chinese markets decreased the risk appetite. The issues offset the upbeat monthly trade data and resulted in a flat day.

According to data released by National Bureau of Statistics of China, China’s imports in February rose 38.1%—compared to the same period last year. It’s better than the market’s forecast of a 20% rise. Geopolitical tensions due to North Korea’s missile tests are still an issue. The US plans to deploy an anti-missile defense system in South Korea.

On March 8, the Shanghai Composite Index fell 0.04% and ended the day at 3,241.18. The SPDR S&P China ETF (GXC) closed at 80.27—a gain of 0.33% on March 7.

Hong Kong

Hong Kong’s Hang Seng Index rose for the third consecutive trading day and closed at the highest levels in more than a week. The rise in stocks related to the telecom and property sectors led the market rally on Wednesday. China’s upbeat trade data also improved the sentiment in Hong Kong’s markets. On March 8, the Hang Seng Index rose 0.43% and closed the day at 23,782.27. The iShares MSCI Hong Kong ETF (EWH) fell 0.09% to $21.6 on March 7.

Japan

Japan’s Nikkei Index fell for the fourth consecutive trading day and closed at the lowest levels since February 28. Ongoing geopolitical concerns and the market waiting for US jobs data lowered the risk appetite. Nikkei fell 0.17% and closed the day at 19,254.03. The iShares MSCI Japan ETF (EWJ) closed at $51.13 on March 7—a fall of 0.23%. In the next part, we’ll see how European markets are performing on Wednesday.

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