Asian Heatmap: Shrinking Chinese Data Spills Losses Over to Peer Markets

  • Stock Market News
Asian Heatmap: Shrinking Chinese Data Spills Losses Over to Peer Markets
Credit: © Reuters.

By Malvika Gurung -- Asian markets fell on Wednesday and observed a weak trading session, set to close May with losses for the second consecutive month. 

The markets faltered after Asia’s largest economy witnessed a shrinking manufacturing activity for May, while broader sentiment remained on edge amid concerns around a deal to raise the US debt ceiling.

China’s Manufacturing PMI contracted more than expected to 48.8 in May against an forecast of 51.4, on the back of weakening demand. It indicated a slowdown in an economic rebound witnessed earlier in the world’s second-largest economy.

Further, the Chinese yuan slid to a six-month low of 7.1075 against the US dollar on Wednesday.

Losses in Chinese markets spilled over to other Asian markets too, including the Indian counterpart.

Indian equity benchmark indices Nifty50 declined 0.51% to 18,540.75 levels, and Sensex lost 356.24 points or 0.57% at 10:42 am.

China’s Shanghai Composite tanked 1.05% and Shanghai Shenzhen CSI 300 cracked 1.35% while writing, set to end the month over 6% lower, and the former nearly 4% down.

Hong Kong’s Hang Seng index tumbled 2.5% or 463.78 points, while Japan’s Nikkei 225 lost its shine too on Wednesday, plunging 519.66 points or 1.7%. South Korea’s benchmark index KOSPI declined 0.25%

Australia’s ASX 200 index fell 1.33% in the session after the country’s CPI inflation rose higher than predicted at 6.8% YoY. 

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