HONG KONG — Most Asian markets slipped Monday as a strong US jobs report fuelled expectations the Federal Reserve will bring forward an interest rate rise.
But more poor Chinese data lifted Shanghai on hopes of renewed easing measures.
Hong Kong stocks fell 0.64%, or 158.39 points, to 24,521.
Tokyo ended 0.36% higher, adding 63.43 points to 17,711.93 as the yen softened against the dollar in reaction to the US jobs data. Shanghai finished up 0.62%, or 19.22 points, at 3,095.12.
Sydney, which jumped more than 10 during a 12-day winning streak, ended marginally lower, giving up 5.3 points to 5,814.9.
Seoul closed 0.44%, or 8.52 points, lower at 1,947.00.
China on Sunday said exports fell 3.2% year-on-year in January. Imports plunged 19.7% -- the largest drop in five years -- owing to lower commodity prices and sluggish domestic demand.
The figures are the latest illustration of China's slowing economy, which in 2014 expanded at its lowest rate in 24 years.
However, mainland Chinese traders took the news as a catalyst to buy, with hopes that leaders will further loosen monetary policy.
Last week authorities cut the amount of cash which banks must keep in reserve and in November they lowered interest rates.
Investors are also tracking the US Fed after a better-than-expected jobs report on Friday increased the chances of an early rate increase.
The Labour Department said 257,000 jobs were created in January and it revised upward already healthy growth in the prior two months. It also said hourly wage growth gained 0.5%, a big improvement after a December drop.
"This US jobs report has altered market expectations for rate rises from the Fed, with many now expecting the Fed to raise rates in the early summer," said Stewart Richardson, chief investment officer at RMG Wealth Management LLP in London.
"We will see just how brave the Fed will be," he told Bloomberg News.
The dollar rallied Friday following the announcement, climbing to 119.00 yen in New York from 117.33 yen in Tokyo earlier in the day. On Monday it was at 118.90 yen.
The euro bought $1.1323 and 134.63 yen on Monday against $1.1316 and 134.65 yen in US trade.