Asia markets down amid global market selloff

<p>Asian shares fell following a global market selloff overnight.</p>

Asian shares fell today (August 1st) following a global market selloff overnight.

The Dow Jones Industrial Average wipe out this year’s gains in one session amid weaker earnings and credit-market concerns, Bloomberg reports.

European markets also slipped, as investors worried about the state of Europe's economy, a jump in US labour costs and Argentina's default.

However, upbeat data from China helped contain losses. The country's official purchasing manager's index (PMI) beat expectations, reaching 51.7 in July.

Japan’s Topix index declined 0.6 per cent, while Australia’s S&P/ASX 200 Index fell 1.4 per cent South Korea’s Kospi index and India’s S&P BSE Sensex Index both lost 0.2 per cent.

Hong Kong’s Hang Seng Index (HSI) fell 0.7 per cent and the Hang Seng China Enterprises Index of mainland shares traded in the city dropped one per cent. China’s Shanghai Composite Index lost 0.3 per cent.

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