China's trade with the United States sank again in November as negotiators worked on the first stage of a possible deal to end a tariff war. China announced Friday it was carrying out a promise to waive punitive tariffs on American soybeans and pork.
A personal survey final week discovered that USA manufacturing facility output had dropped to its lowest stage since 2009, when the economic system was within the grips of a deep recession.
Imports unexpectedly rose 0.3% from a year earlier, marking the first year-on-year growth since April and compared with a 1.8% decline forecast by economists.
China's Customs Tariff Commission of the State Council says it will "dedicate a range of goods to be excluded from tariff countermeasures against the U.S. Section 301 measure". The Shenzhen Composite Index, which tracks stocks on China's second exchange, edged up 0.01%, or 0.18 point, to 1,640.51.
The world's two biggest economies have been entangled in a lingering trade war for over a year, which has weighed on the global economy and resulted in hundreds of billions of dollars in punitive tariffs slapped on two-way trade.
China's trade surplus with the rest of the world fell, but was still more than $38bn for the month.
In Asia, Japan's benchmark Nikkei 225 edged 0.3% higher to finish at 23,430.70, after the Cabinet Office reported the economy expanded at a 1.8% annual pace in July-September, spurred by strong consumer purchases ahead of an October 1 sales tax hike.
Trade-sensitive names including Apple came under pressure on Monday as a December 15 deadline to impose tariffs on another $156 billion on Chinese goods remained in place.
Revenue from import taxes jumped to $7.2 billion that month, the most in history and a $1 billion rise from the same time a year earlier.
"Exports continued to languish last month and the pick-up in headline import growth reflects base effects rather than stronger domestic demand", Capital Economics said in a note.
On Friday, OPEC+ agreed to deepen their output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd, representing about 1.7% of global production.
In movers on the A300 on Monday, energy shares outperformed after Brent crude on Friday reached its highest in more than two months.
In currencies, the dollar fell to 108.47 Japanese yen from 108.59 yen on Friday.
Elsewhere, the British pound rose to as high as $1.3180, its highest in seven months.
The currency has been bolstered by expectations that Prime Minister Boris Johnson's Conservative Party will win an outright majority in the upcoming election on Thursday, thereby ending a hung parliament and political paralysis on Brexit.