US stocks open low on weak China export data

Five minutes into trading, the Dow Jones Industrial Average stood at 16,979.51, down 94.44 points.
Five minutes into trading, the Dow Jones Industrial Average stood at 16,979.51, down 94.44 points.PHOTO: AFP

NEW YORK (AFP) - US stocks opened lower Tuesday, following most global equity markets down after China reported the worst decline in exports since May 2009 at the height of the global financial crisis.

Five minutes into trade, the Dow Jones Industrial Average stood at 16,979.51, down 94.44 points (0.55 per cent).

The broad-based S&P 500 fell 14.84 (0.74 per cent) to 1,986.92, while the tech-rich Nasdaq Composite Index dropped 40.07 (0.85 per cent) to 4,668.18.

Chinese customs figures showed exports from the world's second-biggest economy sank 25.4 per cent on-year to US$126.1 billion (S$173.7 billion) last month, sharper than the 14.5 per cent economists predicted and the biggest drop in nearly seven years.

Despite the grim headline numbers, the Chinese figures showed a solid 20.6 per cent rise in crude oil imports, Barclays said in a note.