Stocks fall sharply, China’s Caixin PMI data out

An employee works at the Tokyo Stock Exchange in Tokyo, Japan, January 13, 2022.

Toru Hanai | Bloomberg | Getty Images

Asia-Pacific stocks are mostly trading lower on Thursday as investors digest the results of a private survey into Chinese factory activity.

In Australia, the S&P/ASX 200 briefly fell more than 2% and was last at 1.67%, while the Australian dollar weakened to $0.6803.

from Japan Nikki 225 fell by 1.75% and the Topix index by 1.39%. that of Hong Kong Hang Seng Index was down 1.52% and the Hang Seng Tech index fell 1.15%.

The Kospi in South Korea lost 1.83% and the Kosdaq lost 1.49%.

In mainland China, the Shanghai composite was up 0.24% after a lower open, while Shenzhen Component also increased by 0.171%.

MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 1.63%.

The Caixin/Markit Chinese Manufacturing Purchasing Managers’ Index for August, released on Thursday, showed that the sector was contracting this month.

It comes after official manufacturing PMI data was released on Wednesday. showed that the activity of the factory decreased amid a recent spike in Covid infections, and the country is facing the worst heatwaves in decades.

Overnight in the United States, major stock indices rose earlier in the session, but closed lower for a fourth straight day.

The Dow Jones Industrial Average fell 280.44 points, or nearly 0.9%, to 31,510.43. The S&P 500 slid about 0.8% to end the day at 3,955, and the Nasdaq Composite was down about 0.6% at 11,816.20.

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