الثلاثاء , مايو 18 2021

Asian shares head lower on China PMI

Continue reading the main story

Search company or market


London | Wall Street | Asia

Continue reading the main story

Hong Kong Hang Seng Index

Last Updated at 01 Dec 2014, 01:19 ET

Hang Seng three month chart

Asian markets traded mostly lower on Monday after data showed that manufacturing growth in the region’s leader China slowed in November.

China’s official purchasing managers’ index (PMI) dipped to 50.3 in November from October’s 50.8, closer to the 50 point mark that separates growth from contraction.

Economists had expected growth of 50.6.

In Greater China, that led Hong Kong stocks down 1.7% with the Hang Seng index at 23,580.88.

But, the Shanghai Composite was higher 0.3% at 2,691.26 after the government published draft rules for a bank deposit insurance scheme.

The rules were the latest in a series of moves to help liberalise China’s banking system and interest rates in order to allow banks to compete on a commercial basis.

Shares of China’s Everbright Bank and China Citic Bank rose as much as 9% and 6% respectively.

Rest of Asia

Meanwhile, Japanese shares were up 0.9% with the Nikkei 225 at 17,611.80 after the dollar rose against the yen following oil cartel Opec’s decision not to cut oil production last week.

The dollar was at 118.87 yen, up from 118.65 yen in New York’s Friday trade.

A weaker yen is good for Japanese exporters as it makes them more competitive overseas and increases profits when they are repatriated.

Australian shares were down after a private gauge of inflation showed that consumer prices remained subdued in November.

Falling oil prices helped offset a jump in the cost of fruit and vegetables.

The TD Securities-Melbourne Institute’s measure of consumer prices was up 0.1% in November, after a 0.2 % rise in October.

The benchmark SP/ASX 200 index was trading 1.6% lower at 5,313 after closing down 1.6% on Friday – its biggest daily percentage drop in seven weeks.

Shares of Woodside Petroleum were down over 5%, reflecting the fall in oil prices.

In South Korea, the Kospi index was down 0.07% at 1,980.78 after manufacturing activity in the country shrank for a third consecutive month in November.

The HSBC/Markit purchasing managers’ index (PMI) was up to a seasonally adjusted 49 from a four-month low of 48.7 in October.

But, that still came in below the 50-mark which separates expansion from contraction.

شاهد أيضاً

Bishop of the Southern United States of America, warns of a fake email attributed to him

Ashraf Helmey His Grace Bishop Youssef, Bishop of Texas and Southern United States, warned that …