China's top stock market is diving

China’s benchmark Shanghai Composite stock market is tanking on Monday after disappointing economic data.

The Shanghai Composite is down 3.12% at a 2-month low as of 7.50 a.m. GMT (2.50 a.m. ET):

The slide comes after data over the weekend showed Chinese exports declined by 1.8% in April, while imports slid by a steep 10.9%. PMI numbers for the same month also showed a slowdown in economic activity.

Elsewhere, the Hang Seng is up 0.44% in Hong Kong, just hanging on to gain. Stock markets in Japan are also rallying. The Nikkei closed up 0.68%, its first positive session in four after the Bank of Japan decided not to take any stimulus action at the end of April.

Oil is bouncing on Monday as the wildfire raging in Canada continues to disrupt production and the market reacts the Saudi Arabia’s first new oil minister in 20 years.

NOW WATCH: How one simple mistake cost ‘Real Housewives’ superstar Bethenny Frankel millions

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at