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| Asian stocks fall on weak China manufacturing data | Asian stocks fall on weak China manufacturing data |
| (35 minutes later) | |
| A survey showing activity in China's manufacturing sector shrank in January for the first time in more than two years hit Asian markets. | A survey showing activity in China's manufacturing sector shrank in January for the first time in more than two years hit Asian markets. |
| The official Purchasing Managers' Index (PMI) fell to 49.8 in January, down from 50.1 in December. A reading below 50 indicates a contraction. | The official Purchasing Managers' Index (PMI) fell to 49.8 in January, down from 50.1 in December. A reading below 50 indicates a contraction. |
| The Shanghai Composite index fell 2.6% to 3,128.3, while Hong Kong's Hang Seng index lost 0.1% to 24,484.74. | |
| In Japan, the benchmark Nikkei 225 closed 0.5% lower at 17,587.29 points. | In Japan, the benchmark Nikkei 225 closed 0.5% lower at 17,587.29 points. |
| "With the Chinese economy facing headwinds from weaker European demand and disinflation, we see rising pressure for more stimulus measures, such as liquidity injections, interest rate cuts or reserve requirement ratio (RRR) cuts," Chang Weiliang from Mizuho Bank said. | "With the Chinese economy facing headwinds from weaker European demand and disinflation, we see rising pressure for more stimulus measures, such as liquidity injections, interest rate cuts or reserve requirement ratio (RRR) cuts," Chang Weiliang from Mizuho Bank said. |
| South Korea bucked the downward trend, however, and rose 0.2% to close at 1,952.68. Its stock market is now bigger than Australia's for the first time in eight years. | South Korea bucked the downward trend, however, and rose 0.2% to close at 1,952.68. Its stock market is now bigger than Australia's for the first time in eight years. |
| The benchmark Kospi now holds a 1.88% share of the global market capitalisation of indexes, compared with Sydney's 1.85%. | The benchmark Kospi now holds a 1.88% share of the global market capitalisation of indexes, compared with Sydney's 1.85%. |
| Australian stocks also rose on Monday, closing 0.66% higher at 5,625.34 on expectations the country's central bank may cut interest rates at its meeting tomorrow. | Australian stocks also rose on Monday, closing 0.66% higher at 5,625.34 on expectations the country's central bank may cut interest rates at its meeting tomorrow. |
| Stock movers | Stock movers |
| Hong Kong-listed shares of China Minsheng Bank plunged by more than 9% after its president Mao Xiaofeng suddenly resigned for "personal reasons". | Hong Kong-listed shares of China Minsheng Bank plunged by more than 9% after its president Mao Xiaofeng suddenly resigned for "personal reasons". |
| Mr Mao had been the subject of local media reports saying he was under investigation by anti-corruption officials. | Mr Mao had been the subject of local media reports saying he was under investigation by anti-corruption officials. |
| China's largest privately-owned bank said its operations were unaffected by Mr Mao's departure. | China's largest privately-owned bank said its operations were unaffected by Mr Mao's departure. |
| Meanwhile, troubled property developer Kaisa has lost its chief executive, just weeks after its chairman and chief financial officer left the company. | Meanwhile, troubled property developer Kaisa has lost its chief executive, just weeks after its chairman and chief financial officer left the company. |
| In a filing to the Hong Kong stock exchange, Kaisa said chief executive Jin Zhigang had resigned "to devote more time to his personal career development". | In a filing to the Hong Kong stock exchange, Kaisa said chief executive Jin Zhigang had resigned "to devote more time to his personal career development". |
| Kaisa shares have been suspended from trade since 29 December. | Kaisa shares have been suspended from trade since 29 December. |