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Asian shares down on weak China PMI Asian shares down on weak China PMI
(about 5 hours later)
Asian markets started the week with losses as investors' confidence was dented by China's manufacturing data.Asian markets started the week with losses as investors' confidence was dented by China's manufacturing data.
The official purchasing managers' index (PMI) showed that factor activity unexpectedly shrank in October to 49.8, below the 50-point mark, which suggests contraction. The official purchasing managers' index (PMI) on Sunday showed that factory activity unexpectedly shrank in October to 49.8, below the 50-point mark, which suggests contraction.
It is also marks the third consecutive month of contraction in manufacturing.It is also marks the third consecutive month of contraction in manufacturing.
The Shanghai Composite fell 1.1% to 3,346.24, while Hong Kong's Hang Seng index lost 1.2% to 22,373.58 points. The Shanghai Composite fell 1% to 3,350.45, while Hong Kong's Hang Seng index lost 0.9% to 22,445.38 points.
Japan's benchmark Nikkei 225 index was also down 1.6% to 18,778.81. A private survey, which focuses on smaller to mid-size firms, also showed on Monday that factory activity fell for the eight month in a row in October, but it was an improvement from the previous month.
Investors are awaiting earnings from major exporters such as Nissan after the stock market closes. The Caixin/Markit manufacturing PMI was up to 48.3, from 47.2 in September.
The focus is also on US data with key employment figures due on Friday, which could impact the Federal Reserve's highly anticipated decision to raise interest rates. Angus Nicholson, market analyst at trading firm IG, said manufacturing activity in China should pick up in the last few months of the year.
In Australia, the benchmark S&P/ASX 200 was down 1.2% to 5,177.50 ahead of the central bank's decision on interest rates on Tuesday. "The key takeaway from the manufacturing PMIs is that activity in China has stabilised in the wake of significant monetary easing and fiscal spending," he said in a note.
Rest of Asia
Japan's benchmark Nikkei 225 index ended down 2.1% to 18,683.24 - leading the losses in the region.
Investors are awaiting earnings from major exporters such as Nissan, due out later in the day.
The focus is also on US data, with key employment figures due on Friday, which could influence the timing of the Federal Reserve's highly anticipated decision to raise interest rates.
In Australia, the benchmark S&P/ASX 200 closed down 1.4% to 5,165.80 ahead of the central bank's decision on interest rates on Tuesday.
The Reserve Bank of Australia (RBA) is expected to keep interest rates at a record low of 2%.The Reserve Bank of Australia (RBA) is expected to keep interest rates at a record low of 2%.
Westpac shares were down 2.1% after it wrapped up Australia's bank reporting season, seeing a 3% rise in its annual cash profit. Westpac shares were down 2.5% after it wrapped up Australia's bank reporting season, seeing a 3% rise in its annual cash profit.
The country's four major banks are preparing for their slowest earnings growth since the global financial crisis due to low interest rates and a cooling economy. The country's four major banks are preparing for their slowest earnings growth since the global financial crisis, due to low interest rates and a cooling economy.
Bucking the trend, South Korea's Kospi index was up 0.2% to 2,034.14 points. Bucking the trend, South Korea's Kospi index finished up 0.3% to 2,035.24 points.