China trade deficit hits Asian equities The FTSE Asia Pacific index receded 0.6 per cent to 244.21 after China reported a $31.48bn trade deficit for February as exports took a hit from Europe's economic slowdown. The data stoked concerns about growth prospects in the world's second-largest economy, offsetting the boost to global sentiment that had followed Friday's better-than-expected US jobs data. Meanwhile, global markets were broadly in wait-and-see mode ahead of the US Federal Reserve's latest monetary policy meeting on Tuesday. Although we do not expect any significant changes in policy, a reiteration of dovish rhetoric may help maintain the underlying support for risky assets. An improving US labour market has reduced the likelihood of QE3 further," Barclays Capital analysts said. Stocks in China were cautiously traded following the deficit data published at the weekend. The Shanghai Composite index slipped 0.2 per cent to 2,434.86, while the Hang Seng index in Hong Kong edged 0.2 per cent higher to 21,134.18. China Resources Land led the property sector higher after reporting forecast-beating results. Its stock rose 0.4 per cent to HK$13.88, while hopes of monetary easing efforts from Beijing also helped the sector. Cheung Kong gained 1.4 per cent to HK$108.40 and Henderson Land added 1.7 per cent to HK$46.25. China Mobile climbed 3.9 per cent to HK$87.45 after HSBC lifted its rating on the mobile network operator to "overweight" from "neutral" and its target price to HK$100. China Construction Bank lost 0.4 per cent to Rmb4.75 while China Minsheng Banking dropped 1.4 per cent to Rmb6.38. In Tokyo, exporters lost ground to profit-taking following some strong gains in recent weeks, even after data showed Japanese core machinery orders increased 3.4 per cent in January from December. Having topped 10,000 to a new seven-month high earlier in the session, the Nikkei 225 Average ended the session 0.4 per cent lower at 9,889.86. Elsewhere in the region, Sydney's S&P/ASX 200 lost 0.4 per cent to 4,196.7, while Seoul's Kospi Composite shed 0.8 per cent to 2,002.5. Mumbai's BSE Sensex climbed 0.5 per cent to 17,587.67.