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Asian stock markets and U.S. futures extended losses after the data. Chinese stocks sank over 4 percent in their worst day in five months.[MKTS/GLOB]. Global investors and China’s major trading partners are closely watching Beijing’s policy reactions as economic growth cools from last year’s 28-year low. But the government has vowed it will not resort to massive stimulus like in the past, which helped revive demand worldwide jcpenney cufflinks. February exports fell 20.7 percent from a year earlier, the largest decline since February 2016, customs data showed. Economists polled by Reuters had expected a 4.8 percent drop after January’s unexpected 9.1 percent jump..
“Today’s trade figures reinforce our view that China’s trade recession has started to emerge,” Raymond Yeung, Greater China chief economist at ANZ, wrote in a note. Imports fell 5.2 percent from a year earlier, worse than analysts’ forecasts for a 1.4 percent fall and widening from January’s 1.5 percent drop. Imports of major commodities fell across the board jcpenney cufflinks. That left the country with a trade surplus of $4.12 billion for the month, much smaller than forecasts of $26.38 billion..
Analysts warn that data from China in the first two months of the year should be read with caution due to business disruptions caused by the long Lunar New Year holidays, which came in mid-February in 2018 but started on Feb. 4 this year jcpenney cufflinks. But many China watchers had expected a weak start to the year as factory surveys showed dwindling domestic and export orders and the Sino-U.S. trade war dragged on. “Seasonal distortions around the Chinese New Year holiday has added noise to the export data in the past two months, and in our view explain most of the surprise (relative to consensus),” said analysts at Goldman Sachs, whose estimate for a 20 percent export drop was the most pessimistic in the Reuters poll..
But they noted that export momentum on a three-month basis has moderated significantly since the third quarter last year and said “growth is likely to remain soft in the near future.” jcpenney cufflinks. (Graphic: Trends in China’s trade and other major economic indicators – tmsnrt.rs/2iO9Q6a). The increasingly weak China data comes amid months of intense negotiations between Washington and Beijing aimed at ending their trade dispute. On Wednesday, the U.S. reported its goods trade deficit with China surged to an all-time high last year, underlining one of the key sticking points..
China’s data on Friday showed its surplus with the United States narrowed to $14.72 billion in February from $27.3 billion in January, and it has promised to buy more U.S jcpenney cufflinks. goods such as agricultural products as part of the trade discussions. U.S President Donald Trump said on Wednesday that trade talks were moving along well and predicted either a “good deal” or no deal between the world’s two largest economies. Trump postponed a sharp U.S. tariff hike slated for early March as the talks progressed, but both Washington and Beijing have kept previous duties in place..