Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Asian shares decline on China manufacturing data

Asian shares decline on China manufacturing data

Asian shares declined on Monday in late morning trade, dragging the benchmark regional index down to a five-month low, after a Chinese manufacturing gauge dropped.

The MSCI Asia Pacific Index lost 1% at 11:09 a.m. in Tokyo after last week capping its biggest monthly loss since May. Japan’s Topix index fell 1.5%. The Nikkei 225 Stock Average fell 1.8%, taking its decline this year to 10%. The kiwi rose 0.4% versus the greenback, while South Korea’s won slipped 1.1% from its last close on 29 January.

Shares fell after China’s official Purchasing Managers’ Index declined to a six-month low in January as output and orders slowed. The PMI was at 50.5, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on 1 February in Beijing.

A separate report released today on the non-manufacturing sector also showed a deterioration, with that PMI falling to 53.4 in January from 54.6 in December. That’s the lowest reading since at least April 2011.

Manufacturing data in countries including the US, the euro zone and India are due today, while earnings from Mitsubishi UFG Financial Group Inc. to Korea Air Lines Co. are scheduled.

Markets are closed in China, Hong Kong, Malaysia, Taiwan and Vietnam for holidays.

In corporate news, Hokkaido Electric Power Co. tumbled 10% after the utility forecast a ¥77 billion ($753 million) net loss. South Korea’s Kospi lost 1.1% after a two-day closure.

In commodities, oil fell 0.6% in New York and copper slid in London for a ninth day, the longest streak since 1996. Gold lost ground over the past week to stand at $1,243.35 an ounce on Monday.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter