Overseas Trading: Chinese Manufacturing Data Sinks Asian Stocks

A key reading on China's manufacturing sector hit a more than six-year low, weighing on equities throughout Asia

by Josh Selway

Published on Sep 23, 2015 at 8:34 AM

Stocks in Asia took a hit today on fresh concerns about China's economy, after data confirmed an ongoing contraction in the country's manufacturing sector. The preliminary Caixin China manufacturing purchasing managers index (PMI) missed expectations, falling to 47.0 -- its lowest reading since early 2009. The Shanghai Composite slipped 2.2% as a result, while Hong Kong's Hang Seng closed 2.3% lower. Brokerages were among the top laggards, with Citic Securities facing front-running allegations from the Chinese government.

In South Korea, the Kospi dipped 1.9%, with automakers erasing the prior session's big gains amid the Volkswagen emission scandal. Markets in Japan remain closed for holiday.

Elsewhere, European bourses are turning a blind eye to China's weakness, with stocks recovering from yesterday's sell-off.​ Even Volkswagen has turned higher after giving up roughly 30% of its market value in the past two days, with the beaten-down automaker shrugging off a fresh round of brokerage downgrades. London's FTSE 100 was up 1.6% at last check, while Germany's DAX has added 0.8%, and France's CAC 40 is up 0.6%. 

150923Overseas


A Schaeffer's exclusive

TOP STOCK PICKS 2020

Access your FREE insider report before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.
Stocks Eye Notable Weekly Gains on 3-Day Surge
Stocks are eyeing big weekly gains
WW Stock Brushes Off Bull Note
Morgan Stanley upgraded the Weight Watchers parent to "overweight" from "equal weight"
IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.