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Asian Stock Markets Mixed After RBA’s Interest Rate Hike and China’s Declining Trade Numbers

Asian stock markets closed mixed on Monday after the Reserve Bank of Australia (RBA) announced a widely expected 0.25% interest rate hike. Meanwhile, China’s disappointing trade data for January and February weighed on investor sentiment.

Japan’s Nikkei 225 rose 0.25% to close at 28,309.16, buoyed by hopes of China’s economic recovery following the country’s easing of COVID-19 containment measures.

In Australia, the S&P/ASX 200 and All Ordinaries both closed up 0.49%, with the former ending at 7,364.70 points and the latter at 7,562.70 points.

On the other hand, China’s Shanghai Composite fell 1.11% to 3,285.10 points, as the country’s exports and imports recorded a decline during the January-February period. China’s gross domestic product (GDP) target for this year was also set below market expectations, adding to investors’ concerns about the country’s economic recovery.

South Korea’s composite index closed slightly up at 2,463.35 points, rising 0.03%, while Hong Kong’s Hang Seng fell 0.33% to close at 20,534.48 points. The decline in China’s trade numbers also weighed on investor sentiment in Hong Kong.

In Thailand, the SET closed up 0.88% at 1,621.10 points.

Investors are now waiting for the Federal Reserve Chairman Jerome Powell’s monetary policy statement later this week, which is expected to provide further insight into the US economic recovery and potential interest rate changes.

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