Mixed markets in Asia; China’s stocks fall as factory activity shrinks

0

China’s Shenzhen Component Index led to losses in mixed Asia-Pacific trading on Wednesday after Wall Street gave a negative indication and investors processed China’s factory activity data.

The Shanghai Composite in Mainland China slipped 1.18% and the Shenzhen Component lost 1.74%.

China’s official manufacturing purchasing managers’ index slightly beat expectations, hitting 49.4, official data showed. Non-manufacturing PMI came in at 52.6. Major cities in China including Dalian and Shenzhen also tightened Covid restrictions on Tuesday.

Hong Kong’s Hang Seng Index erased some earlier losses to trade 0.39% lower, while the Hang Seng Tech Index gained 0.78%.

The Nikkei 225 in Japan lost 0.49% and the Topix index slipped 0.4%. Australia’s S&P/ASX 200 fell 0.2%.

In South Korea, the Kospi traded 0.36% higher, while the Kosdaq gained 0.8%. MSCI’s broadest index of Asia-Pacific stocks outside of Japan was little changed.

Wall Street’s major stock indices fell overnight for the third straight month.

The S&P 500 fell 1.1% to 3,986.16, falling below 4,000 for the first time since July. The Nasdaq Composite fell 1.1% to close at 11,883.14 and the Dow Jones Industrial Average lost 308.12 points, or nearly 1%, to 31,790.87.

“Equities markets continued to be impacted by expectations that central banks will keep their foot on the accelerator when it comes to rate hikes,” ANZ Research’s Brian Martin and Daniel Hynes wrote in a statement on Wednesday.

On Tuesday in the US, New York Federal Reserve Chairman John Williams said he sees interest rates rising further and staying at those levels until inflation is subdued.

— CNBC’s Tanaya Macheel, Jesse Pound, and Jeff Cox contributed to this report.

Share.

Comments are closed.