Asian stocks fell today (August 5th) after new data showed China's service sector performed well below expectations in July.
The China services purchasing managers’ index (PMI) compiled by HSBC/Markit fell to 50.0 in July from a 15-month high of 53.1 in June.
"The weakness in the headline number likely reflects the impact of the ongoing property slowdown in many cities, as property-related activity, such as agencies and residential services, see less business," said Qu Hongbin, HSBC chief Economist for China, said in a statement.
The Nikkei lost one per cent to 15,320.31, while Sydney ended 0.4 per cent lower to finish at 5,518.6.
Hong Kong closed up 0.2 per cent to 24,648.26, while Shanghai slipped 0.15 per cent to 2,219.95. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent.
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