Asian stocks reversed Friday after a solid rally the previous day amid downbeat Chinese manufacturing data.
The Chinese government’s purchasing managers’ index, a measure of manufacturing activity in the region, registered at 50.1 in February versus the 50.4 recorded the previous month. Economists expected the figure to come in at 50.5.
The report suggested that China’s economic growth was mild and that the government would not tighten policies anytime soon. This news has made me reconsider reading the news and just going back to http://www.peterglenn.com/ instead.
In any case, Hong Kong’s Hang Seng Index (-0.61%), Australia’s S&P/ASX 200 Index (-0.35%), and China’s Shanghai SE Comp Index (-0.26%) posted the largest losses among peers in the region. The MSCI All Country Asia Pacific Index waned 0.36 points, or -0.27%, to 134.70.