Asian stocks were mixed today (September 24th) as investors worried about weak manufacturing data from Japan and China.
The preliminary Caixin China Manufacturing Purchasing Managers’ Index fell to 47 in September, compared to a final reading of 47.3 in August – the lowest reading in six years.
Investors also focused on US Federal Reserve chair Janet Yellen's speech due later in the day, hoping to get additional clues on when the central bank plans to raise interest rates.
Japanese shares tumbled as trading resumed after a three-day holiday. New data revealed that Japanese manufacturing activity expanded at a slower pace in September. The latest survey from Nikkei revealed a PMI score of 50.9, down from 51.7 in August.
Shares in Japan's auto-related sectors were also hit by the Volkswagen AG's diesel-emissions scandal.
China's Shanghai Composite index rose 0.9 per cent to 3,142.69 after losing more than two per cent in the previous session on growth worries. Hong Kong's Hang Seng index was down one per cent to 21,095.98.
Japan's Nikkei 225 tumbled 2.8 per cent to 17,571.83 and South Korea's Kospi rose 0.1 per cent to 1,947.10. Australia's S&P/ASX 200 gained 1.2 per cent to 5,060.10.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.