Asia stocks mixed as China data continues to show slowing; Nikkei under pressure

BANGKOK — Asian shares were mixed Wednesday after a day of listless trading on Wall Street in the absence of market-moving data.

China reported its exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs of a slowing of its economic recovery following the lifting in December of anti-virus controls that disrupted travel and commerce. Tokyo’s Nikkei 225 index NIK lost 1% to 32,145.33. In Seoul, the Kospi 180721 added 0.1% to 2,619.79 while Australia’s S&P/ASX 200 XJO edged 0.08% higher to 7,135.30. Shares fell in Taiwan and Southeast Asia.

Gitlab GTLB soared 31.2% after the software development platform gave a revenue forecast for the fiscal year that topped analysts’ expectations. Some of Tuesday’s strongest action was in the cryptocurrency world after the Securities and Exchange Commission charged Coinbase with operating its trading platform as an unregistered national securities exchange, broker and clearing agency.

The frenzy around AI has helped a handful of stocks soar to immense gains this year, including Nvidia’s NVDA 164.5% surge. That’s helped drive much of the S&P 500’s gains in 2023, but it’s also caused critics to question whether a bubble is forming. They also say the furor around AI may be masking weakness underneath the S&P 500’s surface.

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