FXStreet (Mumbai) - The stocks on the Asian bourses reversed previous rally and reverted sharply into the negative territory on Tuesday, after the overnight slump in oil prices and the latest weak Chinese exports data dampened investor’s sentiment. China’s trade surplus contracted from $61.64 billion in October to $51.40 billion last month, coming in smaller than the expected $64.00 billion surplus. Exports plunged 6.9% y/y, weaker than the 5.0% decline forecasted. China stocks drag Asian indices lower The Japanese markets dropped, led by sharp declines in the energy and exports stocks. The resource stocks were under pressure after oil prices plunged to the cheapest levels in more than six-years on Monday. While the exports stocks were hit by a stronger yen on the back of increased safe-haven bids. USD/JPY drops -0.20% to 123.10 while the Japanese benchmark index, the Nikkei tanks 1% at 19,520. The Australian stocks also tumbled tracking the negative lead from the Wall Street and the rout in commodity prices, especially oil. Among oil stocks, Woodside Petroleum is down more than 4%, Oil Search is losing almost 16% and Santos is lower by more than 11%. The benchmark S&P/ASX drops -0.72% to 5,119. The Chinese indices are heavily dumped as the stocks face double whammy from falling commodity prices and sluggish China trade data. The benchmark Shanghai Composite (SSEC) tanks -1.33% to 3,489. China’s A50 index drops -1.10% to 10,380 points. While Hong Kong’s, the Hang Seng plunges -1.89% to 21,786. For more information, read our latest forex news.