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Asian markets start August lower on weak economic data Asian markets head lower on weak Chinese data
(about 5 hours later)
Asian shares have started August lower as disappointing economic data from China weighed on investors' confidence. Asian shares started August lower as disappointing economic data from China weighed on investors' confidence.
Data over the weekend showed that growth at China's big manufacturers unexpectedly stalled in July as demand fell both at home and abroad. A private survey showed contraction in China's vast manufacturing sector on Monday. It followed the release of official data over the weekend and added to concerns about the slowing of world's second largest economy.
The official purchasing managers' index (PMI) stood at 50 in July, down from 50.2 in June. The 50-point mark separates growth from contraction. Both surveys showed that factory activity dropped in July.
Japan's benchmark Nikkei 225 index was down 0.8% to 20,426.1 in early trade. The Shanghai Composite index was down 2.5% to 3,572.29 in afternoon trade.
Investors are also awaiting Caixin/Markit's private PMI survey results due out later on Monday. US based hedge fund Citadel also confirmed that trading in one of the accounts it manages in Shenzhen has been restricted by China's securities regulator.
Chinese shares opened lower with the Shanghai Composite down 1.4% to 3,611.48, while Hong Kong's Hang Seng index was also 1.4% lower at 24,286.2.
US based hedge fun Citadel confirmed that trading in one of the accounts it manages in Shenzhen has been restricted by China's securities regulator.
The regulator has restricted trading in 34 stock accounts for suspected trading irregularities, including abnormal bids for shares and bid cancellations that might have affected the recent slump in the market.The regulator has restricted trading in 34 stock accounts for suspected trading irregularities, including abnormal bids for shares and bid cancellations that might have affected the recent slump in the market.
US data weighs Meanwhile, Hong Kong's Hang Seng index was down by 1% to 24,381.67 points.
Shares of HSBC outperformed the index, up 1.2%, after it reported a 10% increase in pre-tax profit in the first half of year from a year ago.
Weak US data
Poor US wage growth data from Friday also darkened the mood as labour costs in the second quarter recorded their smallest increase in 33 years.Poor US wage growth data from Friday also darkened the mood as labour costs in the second quarter recorded their smallest increase in 33 years.
In Australia, the ASX/200 was down 0.4% at 5,677.7 points. Japan's benchmark Nikkei 225 index ended down 0.2% at 20,548.11, while Australia's ASX/200 finished lower by 0.4% to 5,679.30 points.
The index posted its first monthly rise since February last month.
South Korean shares were lower despite data showing that the current account surplus in June hit a record high as exports surged, while imports fell.South Korean shares were lower despite data showing that the current account surplus in June hit a record high as exports surged, while imports fell.
The seasonally adjusted current account surplus rose to a preliminary $10.8bn from a revised $6.4bn in May.The seasonally adjusted current account surplus rose to a preliminary $10.8bn from a revised $6.4bn in May.
Exports were up 8.8% from a month ago, while imports fell 3%.Exports were up 8.8% from a month ago, while imports fell 3%.
The Kospi index was down 1% to 2,010.39 points. The Kospi index closed down 1.1% to 2,008.49 points.