Morning in brief: Japan posts surprise ¥32.9bn trade surplus
Declining factory activity in China weighs on Asian stockmarkets, while Deutsche Bank moves assets to avoid US capital rules.
Asian stocks hand back the bulk of their earlier gains after new data shows Chinese factory activity eased for the fifth month in a row, Reuters reports.
Deutsche Bank shifts the assets of its American bank holding company into a new vehicle to avoid new capital rules under the US’s Dodd-Frank financial reform law, according to the Financial Times.
Home improvement retailer Kingfisher, the owner of brands such as B&Q, reports a 19% jump in annual profit to £797m after sales showed strong growth in France, the BBC says.
Japan reports a surprise ¥32.9 billion (£250m) trade surplus for February, according to Bloomberg, adding to hope that the world’s third-largest economy is in the midst of a solid rebound.