Asian markets traded mixed on Monday, following a report indicating that China’s exports grew less than forecast, while imports fell. The Shanghai Composite rose .3% to 2135, and the Hang Seng ticked up .1% to 19827. The Nikkei closed flat at 8869, the Kospi slipped .3% to 1925. The ASX 200 edged up .2% to 4339, as large gains in miners were offset by losses in banks.
In Europe, the leading indexes posted narrow losses, ahead of a pivotal week. The FTSE and DAX eased fractionally, while the CAC40 slumped .4% to 3506. On Wednesday, Germany’s constitutional court will rule on the legality of the proposed European bailout fund, the ESM.
In the US, tech shares skidded, pulling the Nasdaq down 1% to 3104. The Dow shed 52 points to 13254, and the S&P 500 sank .6% to 1429.
AIG shares fell 2% after the US Treasury announced it would sell most of its shares in the company. The government had been the primary shareholder in AIG, after bailing out the company during the 2008 financial crisis.
Treasuries and Commodities
10-year notes inched up 1/32 to yield 1.66%, and 30-year notes gained 7/32 to yield 2.81%.
Copper climbed .7% to 3.672, extending Friday’s gains, while precious metals declined. Gold dropped .7% to 1725, and silver sank 1% to 33.365.
The Dollar bounced on Monday, recovering some of Friday’s losses. The Euro fell .5% to 1.2760, the Pound declined .2% to 1.5990, and the Australian Dollar dropped .5% to 1.0337. The Yen closed little changes at 78.26, while the Canadian Dollar inched up .1% to .9776.
Consumer credit unexpectedly fell by $3.3 billion, its first drop in a year.
Tuesday’s reports will include international trade, and the NFIB small business optimism index.