Manufacturing data out of China today confirmed mainland factory activity remains weak
Stocks in Asia settled mostly lower today, pressured by weak Chinese manufacturing data. The mainland's official purchasing managers index (PMI) remained flat at a weaker-than-forecast 49.8, while the Caixin China PMI edged up to 48.3 -- signaling yet another month of contraction in factory activity. As a result, commodity and construction firms with significant mainland exposure were among the top laggards. Meanwhile, an
ongoing slide in Macau gambling revenue pressured casino stocks in Hong Kong. By the close, Japan's Nikkei shed 2.1%, China's Shanghai Composite lost 1.7%, Hong Kong's Hang Seng fell 1.2%, and South Korea's Kospi managed a 0.3% gain.
European markets are mixed at midday, as traders weigh China's uninspiring economic data against well-received stress test results for Greek banks. Helping to tilt the scales in the bulls' favor is a post-earnings rally from Germany's Commerzbank, and an improvement to 52.3 for Markit's eurozone manufacturing PMI -- up from the
flash reading of 52.0. At last check, the German DAX is up 0.9%, France's CAC 40 has added 0.4%, and London's FTSE 100 is off 0.5%.
