Asia Markets: Asian markets sink on trade-deal worries, weak China export data

Asian markets tumbled Friday on fears that the U.S. and China may not be as close to a trade deal as President Donald Trump had suggested. Selling was also fueled by worries about the global economy after alarming Chinese trade data.

China’s General Administration of Customs reported that exports fell 20.7% in February, compared to the prior year, reflecting weaker demand. Economists polled by The Wall Street Journal expected the value of overseas shipments to drop by only 6%.

The Shanghai Composite index SHCOMP, -4.40% closed down 4.4%, logging its worst one-day percentage loss for the year and its worst session since October, while the smaller-cap Shenzhen Composite 399106, -3.79% dropped 3.8% and Hong Kong’s Hang Seng HSI, -1.91% lost 1.9%.

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