Asia’s benchmark stock index swung between gains and losses as investors weighed data showing Chinese exports rose more than analysts projected last month, while imports unexpectedly fell.
SoftBank Corp. climbed 2.6 percent as Alibaba Group Holding Ltd., in which the Japanese phone carrier holds a stake, prepares for a record-breaking initial public offering. Bank of East Asia Ltd. added 0.9 percent after Sumitomo Mitsui Banking Corp. sought to buy additional shares in the Hong Kong lender. Rakuten Inc. slumped 4.2 percent after the owner of Japan’s largest online mall said it’s in talks to buy U.S. website operator Ebates Shopping.com Inc.
The MSCI Asia Pacific Index was little changed at 148.45 as of 10:23 a.m. in Hong Kong, amid holidays across the region, after rising and falling 0.1 percent. The gauge advanced 0.4 percent last week on data showing faster growth in China’s service industries and U.S. manufacturing. The Standard & Poor’s 500 Index closed last week at an all-time high even after a report showed the slowest payrolls growth this year.
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