HONG KONG: China weak PMI data has ruined the commodities and Asian Stocks on Wednesday.
Asian stocks fell on Wednesday as fears of an entrenched global economic slowdown gripped investors, underlined by a weak factory survey from China, while the greenback firmed as investors fled to relatively safe-haven assets.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 2 percent, with Australia down 1.8 percent and South Korea falling 1 percent. S&P mini futures fell 1 percent after the weak China PMI.
“The industrial sector in China remains a concern indicating that the economy is not out of the woods yet while the Fed’s comments last week indicate a glass half-empty view of the global economy,” said Tai Hui, chief Asia market strategist at JP Morgan Asset Management in Hong Kong.
