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Chinese shares rocked by weak factory data Chinese shares hit by weak factory data
(about 5 hours later)
Chinese shares continued their slide, fuelled by fresh economic data confirming an ongoing slowdown in the country's economy. Chinese shares have continued their recent slide after fresh data provided further evidence of a slowdown in the country's economy.
Official data showed that manufacturing activity in the world's second largest economy contracted at its fastest pace in three years in August. An official survey indicated that manufacturing activity in China contracted at its fastest pace in three years in August.
The mainland's benchmark Shanghai Composite fell by 2.2% to 3,139.05 points in early trade. The mainland's benchmark Shanghai Composite share index fell by 2% to 3,142.14.
In Hong Kong, the Hang Seng index was slightly lower by 0.3% to 21,608.78. In Hong Kong, the Hang Seng index dropped 0.8% to 21,493.97.
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. 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 past few weeks.
Chinese mainland stocks have been on a steep downward slide over the past few months, shedding almost 40% since June.Chinese mainland stocks have been on a steep downward slide over the past few months, shedding almost 40% since June.
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. Market crackdown
Any fresh indication that China's woes are set to continue is likely to frustrate 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.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.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".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 The country's state media announced a number of confessions on Monday, including from a reporter who allegedly admitted to spreading false information that had caused panic and disorder.
Elsewhere in Asia, Japan's Nikkei 225 was down by 1.2% to 18,659.46 points. No rate cut in Australia
Investors across the region were cautious after US stocks closed in the red again, making August its worst month for trading since 2012. Shares were also lower elsewhere in Asia. Japan's benchmark Nikkei 225 index saw the region's biggest losses, closing the day down 3.8% at 18,165.69.
Australia's S&P/ASX 200 followed the downward trend and slipped 0.9% lower to 5,160.20 points. Australia's S&P/ASX 200 ended 2.1% lower at 5,097.40.
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. Traders in Sydney were cautious as any slump in China is likely to have an effect on Australia, which relies on the country as its main export destination.
In South Korea, the benchmark Kospi index also fell, slipping 0.5% to 1,932.25 points. The decision by the country's central bank not to cut interest rates also contributed to the downbeat mood.
In South Korea, the benchmark Kospi index also fell, dropping 1.4% to 1,914.23.
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.