SYDNEY: Asian stocks edged up on Monday, catching some of Wall Street's momentum after surprisingly strong U.S. jobs data although regional gains were capped by concerns about China's economy due to the prolonged Sino-U.S. trade war.
"This economy is still climbing and shattering the records for longevity," said Chris Rupkey, chief financial economist at MUFG Union Bank."Right now, the clouds of recession still remain well offshore despite troubled economies elsewhere in the world and a trade war." Meanwhile, China's exports shrank for the fourth consecutive month in November, underscoring persistent pressures on manufacturers from the prolonged trade war, although growth in imports may be a sign that Beijing's stimulus efforts are working.
Analysts said Friday's much better-than-expected jobs report offset mixed signals from recent economic data and validated the Federal Reserve's wait-and-see stance on interest rates after three"insurance cuts" this year.