China’s November trade data surprised expectations, with exports jumping 0.5 per cent and imports dropping 0.6 per cent year-on-year

Asia-Pacific markets plunged across the board, reflecting moves on Wall Street as investors evaluated trade data from China and Australia.

China’s November trade data surprised expectations, with exports jumping 0.5 per cent and imports dropping 0.6 per cent year-on-year (YoY). Economists polled by Reuters anticipated a 1.1 per cent YoY decline in exports and a 3.3 per cent jump in imports.

The trade surplus for the world’s second-biggest economy also increased to $68.39 billion, beating forecasts of $58 billion.

Separately, prices of oil have bounced back slightly after reaching their lowest level since June, with the West Texas Intermediate (WTI) contract for January 0.66 per cent higher, to trade at $69.82 a barrel.

The Brent contract for February also added 0.7 per cent, to trade at $74.88 a barrel.

In Australia, the S&P/ASX 200 narrowed losses, edging down 0.07 per cent and closing at 7,173.3 after the country’s trade surplus in October widened to 7.13 billion Australian dollars, but missed Reuters poll forecast of AU$7.5 billion.

Japan’s Nikkei 225 dropped 1.76 per cent to end at 32,858.31 after leading gains in Asia on Wednesday, while the Topix slipped 1.14 per cent to 2,359.91.

South Korea’s Kospi lost 0.13 per cent to end at 2,492.07, while the small-cap Kosdaq ended 0.77 per cent at 813.2.

Hong Kong’s Hang Seng index shed 0.66 per cent, paring losses in its final hour, while the mainland Chinese CSI 300 slid 0.24 per cent, touching fresh four year lows at 3,391.28.

Overnight in the U.S., all three major indexes pulled back on Wednesday as investors evaluated data suggesting falling inflation while awaiting jobs report.

The Dow Jones Industrial Average shed 0.19 per cent, while the S&P 500 lost 0.39 per cent and the Nasdaq Composite declined 0.58 per cent.