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Asia stocks mixed; China’s May exports misses forecasts

SINGAPORE — Shares in Asia-Pacific were mixed in Monday trade as investors reacted to Chinese trade data for May.

Mainland Chinese stocks were lower by Monday afternoon, with the Shanghai composite declining 0.21% while the Shenzhen component slipped 0.673%. Hong Kong’s Hang Seng index fell 0.77%.

China’s exports in dollar terms rose 27.9% in May as compared with a year earlier, according to customs data released Monday. That was lower than forecasts by analysts in a Reuters poll for a 32.1% year-on-year jump in exports.

Meanwhile, the Nikkei 225 in Japan gained 0.45% and the Topix index rose 0.19%. South Korea’s Kospi advanced 0.3%.

In Australia, the S&P/ASX 200 shed 0.11%.

MSCI’s broadest index of Asia-Pacific stocks outside Japan traded 0.18% lower.

In other developments, finance ministers from the Group of Seven over the weekend backed a U.S. proposal that calls for firms globally to pay at least 15% tax on earnings.

Markets in Malaysia and New Zealand are closed on Monday for holidays.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.168 following a recent decline from above 90.4.

The Japanese yen traded at 109.54 per dollar, after strengthening late last week from above 110.1 against the greenback. The Australian dollar changed hands at $0.7732, after climbing from levels below $0.768 late last week.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 0.54% to $71.50 per barrel. U.S. crude futures shed 0.4% to $69.34 per barrel.

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