Shanghai, Hong Kong stocks down after China trade data

Speaking to the annual meeting of the worldwide Monetary Fund (IMF) and World Bank in Peru, Yi Gang, deputy governor of the People’s Bank of China (PBOC) pointed out that the corrections implemented by the equity markets have had only a limited impact on the world’s second-biggest economy.

The rebound in Chinese stocks in Hong Kong has room to run, Sanford C. Bernstein & Co sales trader and chartered market technician Ayush Nagaraj said.

The Dow Jones industrial average .DJI fell 49.97 points, or 0.29 percent, to 17,081.89, the S&P 500 .SPX lost 13.77 points, or 0.68 percent, to 2,003.69 and the Nasdaq Composite .IXIC dropped 42.03 points, or 0.87 percent, to 4,796.61.

Australian shares succumbed to profit taking after five straight days of gains.

US 30-year Treasury bonds were last up 29/32 in price to yield 2.8827 percent, from a yield of 2.928 percent late on Friday.

Despite recent lukewarm interest in new listings, two smaller IPOs by IMAX China and Chinese lingerie maker Regina Miracle made strong debuts on the stock market on October 8, paving the way for Huarong and China Re. Rio Tinto today said that it would not cut copper production and leave space in the market for rivals. Over the third quarter of 2015, the Index recorded a loss of 24.0% outperforming only the Shanghai Composite.

Gold jumped to a seven-week high, boosted by the weaker dollar and the US rate outlook.

Japan’s benchmark Nikkei index ended down 1.1% at 18,234.74 after being closed for a public holiday on Monday. Shaking off a negative open, Malaysia’s FTSE Bursa Malaysia KLCi energized 0.6 percent while Singapore’s Straits Times list ripped at back misfortunes to float in nonpartisan domain.

New Zealand shares posted strong gains after A2 Milk completed its $NZ40 million ($36.6 million) capital raising to help fuel its expansion across China.

But while USA benchmark West Texas Intermediate rose 0.76 percent to $47.46 and Brent climbed 1.10 percent to $50.41 a barrel in morning Asian trade, regional energy giants took a hit.

Federal Reserve vice-chairman Stanley Fischer said on Sunday policymakers are still likely to raise interest rates this year, however that is “an expectation, not a commitment”, and could change if the global economy pushes the USA economy further off course. Inpex sank 3.4 percent and JX Holdings 1.3 percent in Tokyo. Nonetheless, traders seemed somewhat reluctant to make any significant moves in the wake of Alcoa’s disappointing earnings results.