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Chinese markets tumble on factory data Chinese shares trade halted after 7% plunge
(about 3 hours later)
Chinese markets led Asia's losses after a private manufacturing survey suggested factory activity continued to shrink in China. Trading on China's mainland benchmark index - the Shanghai Composite - was closed on Monday after the market dramatically plunged 7%.
The Caixin/Markit purchasing managers' index (PMI) slipped to 48.2 in December, the tenth consecutive month of contraction in the sector. Trading was initially halted for 15 minutes after the stock market fell by 5%, triggering an automatic 15-minute trading suspension under a new system created to curb volatility.
But then shares continued to fall, leading regulators to close the market.
A manufacturing survey earlier pointed to more bad news for the economy.
The Caixin/Markit purchasing managers' index (PMI) slipped to 48.2 in December, marking tenth consecutive month of shrinking factory activity in the sector.
A reading below 50 suggests a contraction in the sector, while anything above 50 suggests growth.A reading below 50 suggests a contraction in the sector, while anything above 50 suggests growth.
The Shanghai Composite fell 4% to 3,414.46 in early trade.
Hong Kong's Hang Seng index was down by 2.1% to 21,457.56.
The private PMI survey, which focuses more on small and medium-sized businesses, came after an official survey on Friday, which looked at larger companies, that suggested a fifth month of shrinking factory activity.The private PMI survey, which focuses more on small and medium-sized businesses, came after an official survey on Friday, which looked at larger companies, that suggested a fifth month of shrinking factory activity.
Analysts said there would be more stimulus measures by the government and central bank this year, even though the economy has been slow to respond to the past year's series of easing measures. The Shanghai Composite fell 6.9% to 3,296.66 points before trading was halted for the day.
Under the new circuit breaker mechanism, moves of 7% from the previous session's close would trigger a trading suspension for the day.
Hong Kong's Hang Seng index was down by 2.8% to 21,293.13.
Rest of Asia mixedRest of Asia mixed
The rest of the region started the new year on a cautious note after the holidays. The rest of the region followed China lower on the start of the new year.
Japan's benchmark Nikkei 225 index was down 2.1% to 18,641.05 as a stronger yen also weighed on shares of major exporters. Japan's benchmark Nikkei 225 index was down 3.1% to 18,441.24 as a stronger yen also weighed on shares of major exporters.
The market is also catching up with last week's declines in the US, after being closed for the last two sessions.The market is also catching up with last week's declines in the US, after being closed for the last two sessions.
Australia's S&P/ASX 200 index was down 0.3% to 5,282.80, while South Korea's Kospi index fell 1.1% to 1,939.35. Australia's S&P/ASX 200 index closed down 0.5% to 5,270.50, while South Korea's Kospi index fell 1.8% to 1,926.61.
A jump in oil prices boosted Australia's energy sector with shares of Woodside Petroleum up 2.9%. A jump in oil prices boosted Australia's energy sector with shares of Woodside Petroleum up 3%.
Brent crude gained 3%, rising as high as $38.40 after Saudi Arabia's execution of a prominent Shia Muslim cleric ignited regional anger. Brent crude gained 3%, rising as high as $38.40 after Saudi Arabia's execution of a prominent Shia Muslim cleric ignited tensions in the region.