China manufacturing data sends Asian stocks lower
China’s official purchasing managers’ index (PMI) stood at 49.8 for October.
New data showing that China's manufacturing sector has slowed down again in the fourth quarter sent most Asian markets lower today (November 2nd).
Caixin's purchasing managers' index (PMI) for October came in at 48.3 from September's six-and-a-half year low of 47.2, contracting for an eighth straight month.
China's official purchasing managers' index (PMI) stood at 49.8 for October, contracting for a third straight month and missing market expectations of 50.0.
"Over the weekend, official manufacturing and non-manufacturing PMIs continue to point to challenges in China… but we think that the recent targeted stimulus measures will support the economy," analysts from Mizuho Bank wrote in a note seen by CNBC. "Overall China may expand by 6.9 per cent per cent year-on-year this year, then pick-up to 7.1 per cent next year."
Meanwhile, Japan shares fell from a two-month high over disappointment after the central bank held back from additional stimulus measures on Friday.
China's Shanghai Composite Index ended 0.5 per cent lower at 3,367.06 and Hong Kong's Hang Seng lost 0.8 per cent to 22,460.43. Japan's Nikkei 225 fell 2.1 per cent to 18,687.87, Australia's S&P/ASX 200 dipped 1.4 per cent to 5,165.80 and South Korea's Kospi edged up 0.3 per cent to 2,034.79.