Asian stocks fell, following a decline in U.S. shares, as weak American manufacturing data added to concern about a slowdown in global economic growth.
The MSCI Asia Pacific Index dropped 0.7 percent to 125.97 as of 9:02 a.m. in Tokyo. Anemic demand from emerging markets including China translated into leaner factory order books in the U.S., data showed Tuesday.
Futures on the FTSE China A50 Index slid 1.5 percent in most recent trading in Singapore, with contracts on the Hang Seng Index declining 0.7 percent.
Japan’s Topix index declined 1.7 percent. South Korea’s Kospi index retreated 1.5 percent and New Zealand’s NZX 50 Index lost 1.3 percent. Australia’s S&P/ASX 200 Index fell ahead of a report on the nation’s economic growth. Markets are yet to open in Hong Kong and China.
In addition to the U.S. manufacturing report, an official factory gauge in China dropped to a three-year low in August, while measures for the euro area signaled a divergence in the German and French economies. An index for Germany expanded more than forecast and a French measure showed contraction, according to Markit Economics. U.K. manufacturing growth cooled as export orders declined for a fifth month.
Source : Bloomberg