Asian markets lower after weaker than expected China PMI
Japan’s Nikkei 225 edged down 0.05% and South Korea’s Kospi was off by 0.25% in early trade.
In Australia, the benchmark ASX 200 index was higher by 0.26%, driven by strong showings in its materials sub-index, which was up 1.57%.
Hong Kong’s Hang Seng Index rose 0.35% while mainland markets digested the release of slightly lower-than-expected China PMI data. The Shanghai Composite was flat and the Shenzhen Composite slipped 0.13%.
In China, official manufacturing PMI for July stood at 51.4. The July figure was also below June’s reading of 51.7. Meanwhile, the official services PMI came in at 54.5 for July, compared to the 54.9 seen in June.