Arab Today, arab today asian shares mostly lower after us china data
Last Updated : GMT 01:44:06
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Asian shares mostly lower after US, China data

Arab Today, arab today

Arab Today, arab today Asian shares mostly lower after US, China data

Shanghai markets
Hong Kong - AFP

Shanghai stocks tumbled on Monday after two gauges of Chinese manufacturing activity showed contraction in January, while Asian markets were also hit by a sell-off on Wall Street in response to disappointing US growth data.
Oil prices plunged again after enjoying a strong rally on Friday, while the euro ticked up, despite falling eurozone prices and ongoing concerns about Greece's bailout face-off with its international creditors.
Shanghai shed 1.38 percent in late afternoon and Hong Kong eased 0.42 percent, while Tokyo slipped 0.66 percent, or 116.35 points, to end at 17,558.04.
However, Sydney added 0.66 percent, or 36.98 points, to end at 5,625.30, while Seoul added 0.18 percent, or 3.42 points, to 1,952.68.
US dealers provided a negative lead after the Department of Commerce said Friday that the US economy expended at an annual rate of 2.6 percent in the fourth quarter, well below the 5.0 percent in the previous three months.
Adding to selling pressure was news that prices in the eurozone fell by a record 0.6 percent in January, fanning concerns that the currency bloc is facing years of deflation.
The Dow sank 1.45 percent, the S&P 500 lost 1.30 percent and the Nasdaq fell 1.03 percent.
Traders were also reacting Monday to news that China's official purchasing managers index (PMI) of manufacturing actvity unexpectedly retreated last month for the first time since late 2012.
Data Sunday showed its PMI at 49.8 last month, against 50.1 in December. Anything below 50 points to contraction and anything above indicates growth.
On Monday HSBC said its January PMI was 49.7, a tad up from 49.6 in December but still showing shrinkage.
The results are the latest to highlight the weakness of China's economy, which in 2014 grew at its slowest pace in 24 years. However, it will fan talk of further monetary easing measures.
- Greece talks -
"We think demand in the manufacturing sector remains weak and more aggressive monetary and fiscal easing measures will be needed to prevent another sharp slowdown in growth," Qu Hongbin, HSBC chief economist for China, said in the release announcing the bank's figure.
On currency markets the dollar was at 117.70 yen in afternoon trade against 117.59 yen in New York late Friday.
The euro bought $1.1309 and 133.11 yen against $1.1284 and 132.70 yen in New York.
Traders moved into the single currency after taking a hit Friday on the inflation news and reports that Greece had refused to meet its creditors and rejected fresh loans.
The new anti-austerity Finance Minister Yanis Varoufakis said that despite warnings Greece would shortly run out of money, the far-left Syriza-led government preferred to do without the fresh cash, and instead renegotiate its entire bailout.
On Sunday, as Varoufakis began a tour of Europe to win support for a new debt package, Athens was given a boost when US President Barack Obama told European leaders that imposing tough austerity measures on the country could backfire.
"You cannot keep on squeezing countries that are in the midst of depression," he told CNN's "Fareed Zakaria GPS".
"At some point, there has to be a growth strategy in order for them to pay off their debts to eliminate some of their deficits."
On oil markets US benchmark West Texas Intermediate for March delivery fell $1.33 to $46.91, while Brent crude for March closed down $1.37 at $51.62.
Gold fetched $1,280.31 an ounce, down from $1,264.49 on Friday.
In other markets:
-- Wellington added 0.22 percent, or 12.69 points, to 5,756.69.
Fletcher Building was up 0.84 percent at NZ$8.45 and Air New Zealand rose 0.77 percent to NZ$2.63
-- Taipei rose 0.27 percent, or 25.08 points, to 9,386.99.
Taiwan Semiconductor Manufacturing Co gained 1.06 percent to Tw$142.5 while Hon Hai Precision Industry was 0.23 percent lower at Tw$86.5.
-- Kuala Lumpur was closed for a public holiday.

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