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Asian markets lower on China PMI data | |
(about 4 hours later) | |
Most Asian markets were trading lower on Monday after data showed that manufacturing growth in the region's leader China slowed in November. | |
China's official purchasing managers' index (PMI) dipped to 50.3 in November from October's 50.8, closer to the 50 point mark that separates growth from contraction. | China's official purchasing managers' index (PMI) dipped to 50.3 in November from October's 50.8, closer to the 50 point mark that separates growth from contraction. |
Analysts had expected a figure of 50.6. | |
In Greater China, Hong Kong's Hang Seng index fell 555.90 points, or 2.3%, to 23,431.55. | |
However, the Shanghai Composite was up 0.1% at 2,685.6 after the government published draft rules for a bank deposit insurance scheme. | |
The rules were the latest in a series of moves to help liberalise China's banking system and interest rates in order to allow banks to compete on a commercial basis. | The rules were the latest in a series of moves to help liberalise China's banking system and interest rates in order to allow banks to compete on a commercial basis. |
Shares of China's Everbright Bank and China Citic Bank rose as much as 9% and 6% respectively. | Shares of China's Everbright Bank and China Citic Bank rose as much as 9% and 6% respectively. |
Rest of Asia | Rest of Asia |
Meanwhile, Japanese shares closed at a seven-year high as the dollar rose against the yen following oil cartel Opec's decision not to cut oil production last week. | |
The benchmark Nikkei 225 ended the day up 130.25 points at 17,590.10, while the dollar was at 118.84 yen, up from 118.65 yen in New York's Friday trade. | |
A weaker yen is good for Japanese exporters as it makes them more competitive overseas and increases profits when they are repatriated. | A weaker yen is good for Japanese exporters as it makes them more competitive overseas and increases profits when they are repatriated. |
Australian shares saw their biggest fall since 10 October amid a sell-off in mining and energy related shares. | |
In addition, a private gauge of inflation showed that consumer prices remained subdued in Australia last month as falling oil prices helped to offset a jump in the cost of fruit and vegetables. | |
The TD Securities-Melbourne Institute's measure of consumer prices was up 0.1% in November, after a 0.2% rise in October. | |
The benchmark S&P/ASX 200 index ended 2% lower at 5,207.7, after closing down 1.6% on Friday. | |
Shares of Woodside Petroleum were down over 4%, reflecting the fall in oil prices. | |
In South Korea, the Kospi index finished down 0.8% at 1,965.22 after a survey indicated that manufacturing activity in the country shrank for a third consecutive month in November. | |
The HSBC/Markit purchasing managers' index (PMI) was up to a seasonally adjusted 49 from a four-month low of 48.7 in October. | The HSBC/Markit purchasing managers' index (PMI) was up to a seasonally adjusted 49 from a four-month low of 48.7 in October. |
But, that still came in below the 50-mark which separates expansion from contraction. | But, that still came in below the 50-mark which separates expansion from contraction. |