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Asian markets mixed after Friday's highs Asian markets lower on China PMI data
(about 5 hours later)
Asian shares opened mixed on Monday with lower trade volume following a rally in the US, where Wall Street rose to record highs on Friday. Asian shares were down on Monday after Chinese manufacturing data showed slowing growth in the Asian giant.
The Dow Jones Industrial Average rose 1% to close at a record 17,390.52, while the S&P 500 also ended at an all-time high to reach 2,018.05. Hong Kong shares fell on news that China's services sector grew at its slowest pace in nine months in October.
Strong US company earnings and the Bank of Japan's surprise move to add more stimulus measures boosted shares. The non-manufacturing Purchasing Managers' Index (PMI) fell to 53.8 in October from 54 in September due in part to a cooling property market that weighed on demand.
Japanese markets are closed for a public holiday on Monday. The Hang Seng index was down 0.3% at 23,917.52 points.
In Greater China, Hong Kong shares opened higher despite data showing that China's services sector grew at its slowest pace in nine months in October. Monday's data comes after a weekend release that showed manufacturing slowed in the world's second largest economy.
The Hang Seng index was up 0.2% at 24,058.91 points. The manufacturing PMI fell to a lower-than-expected 50.8, from 51.1 in the previous month. A reading above 50 indicates growth.
The non-manufacturing Purchasing Managers' Index (PMI) fell to 53.8 in October from 54 in September due in part to a cooling property market that weighed on demand. A reading above 50 indicates growth. But, shares on the mainland bucked the trend with the Shanghai Composite up 0.5% at 2,432.37.
Monday's data comes after a weekend release that showed manufacturing slowed in the world's second largest economy, adding to evidence of a slowdown. Japanese markets were closed for a public holiday after hitting highs on Friday on the Bank of Japan's surprise move to introduce more stimulus measures.
The manufacturing PMI fell to a lower-than-expected 50.8, from 51.1 in the previous month. In South Korea, the benchmark Kospi index ended 0.6% lower at 1,952.97 points after data over the weekend showed imports in October fell the most in 13 months on softer demand for raw materials and goods.
On the mainland, investors also shrugged the news with the Shanghai Composite up 0.2% at 2,424.70.
In South Korea, the benchmark Kospi index was down 0.6% at 1,952.38 points after data over the weekend showed that imports in October fell the most in 13 months on softer demand for raw materials and goods.
Imports fell 3% while exports rose slightly higher than expected in October at 2.5%.Imports fell 3% while exports rose slightly higher than expected in October at 2.5%.
Australian shares were down 0.2% at 5,516.20 with shares in the country's second biggest bank, Westpac, down 0.4% even after it posted a fifth consecutive year of record profit. The Korean won also slid to a seven month low against the dollar to 1,072.6.
Australian shares closed down 0.4% to 5,506.4 with shares in the country's second biggest bank, Westpac, down 0.7% even after it posted a fifth consecutive year of record profit.
The banking giant saw a 12% jump in full-year net profit to $7.56bn Australian dollars ($6.60bn; £4.1bn) on growing loans and customer deposits.The banking giant saw a 12% jump in full-year net profit to $7.56bn Australian dollars ($6.60bn; £4.1bn) on growing loans and customer deposits.