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Asia shares follow US markets downwards Chinese shares rocked by weak factory data
(about 1 hour later)
Asian shares have slipped after a weak lead from Wall Street and ahead of economic data expected to point to a further slowdown in China's economy. Chinese shares continued their slide, fuelled by fresh economic data confirming an ongoing slowdown in the country's economy.
Investors were cautious after US stocks closed in the red again, concluding the worst monthly losses since 2012. Official data showed that manufacturing activity in the world's second largest economy contracted at its fastest pace in three years in August.
Japan's Nikkei 225 was down by 1% to 18,698.25 points in early trade. The mainland's benchmark Shanghai Composite fell by 2.2% to 3,139.05 points in early trade.
Tuesday will see the release of a closely-watched monthly index, the purchasing managers' index (PMI), gauging China's factory output. In Hong Kong, the Hang Seng index was slightly lower by 0.3% to 21,608.78.
The slowing of the world's second largest economy and the extreme volatility on the mainland stock markets had been weighing on global equities over the turbulent past few weeks. The slowing of the world's second largest economy and the extreme volatility on the mainland stock markets have weighed on global equities over the turbulent past few weeks.
Any fresh indicator that China's woes are set to continue would likely counter Beijing's attempts to reassures traders and stabiliae the Shanghai and Shenzhen markets. Chinese mainland stocks have been on a steep downward slide over the past few months, shedding almost 40% since June.
Elsewhere in Asia, Australia's S&P/ASX 200 followed the downward trend and slipped 0.7% lower to 5,173.20 points. Any fresh indication that China's woes are set to continue is likely to counter Beijing's attempts to reassure traders and stabilise the Shanghai and Shenzhen markets.
Authorities have injected money into the markets, allowed the state pension fund to start buying up shares and lowered lending rates.
So far though, none of those measures have managed to push the markets back into positive territory.
China has also cracked down on people accused of spreading online "rumours", and who the authorities say have been "destabilising the market".
Weak US lead
Elsewhere in Asia, Japan's Nikkei 225 was down by 1.2% to 18,659.46 points.
Investors across the region were cautious after US stocks closed in the red again, making August its worst month for trading since 2012.
Australia's S&P/ASX 200 followed the downward trend and slipped 0.9% lower to 5,160.20 points.
A strengthening iron ore price though has sent mining companies higher with Atlas Iron up by almost 8% and bellwethers BHP Billiton and Rio Tinto up 2.3% and 1.6% respectively.A strengthening iron ore price though has sent mining companies higher with Atlas Iron up by almost 8% and bellwethers BHP Billiton and Rio Tinto up 2.3% and 1.6% respectively.
In South Korea, the benchmark Kospi index was in line with region's trend, down by 0.3% to 1,934.44 points. In South Korea, the benchmark Kospi index also fell, slipping 0.5% to 1,932.25 points.
Affected by the slowdown in China, Seoul reported on Tuesday that exports fell 14.7% in August from a year earlier, worse than expected and the biggest drop in six years.Affected by the slowdown in China, Seoul reported on Tuesday that exports fell 14.7% in August from a year earlier, worse than expected and the biggest drop in six years.