Stock market today: Asian markets lower after Japanese factory activity and China services weaken
Asian stock markets are mostly lower after Japanese factory activity and Chinese service industry growth weakened
BEIJING — Asian stock markets were mostly lower Thursday after Japanese factory activity and Chinese service industry growth weakened.
Shanghai, Hong Kong and Seoul declined. Tokyo gained. Oil prices edged lower.
Wall Street's benchmark S&P 500 index rose 0.4% on Wednesday after the U.S. government cut its estimate of economic growth for the second quarter to a still-robust level.
Traders hope that and this week's updates on hiring and consumer inflation will convince the Federal Reserve prices are under control and no more interest rate hikes are needed.
Official data showed Japanese factory activity shrank by 2% from the previous month in July. A survey of Chinese service industries showed activity weakened in July but still was expanding.
“Things could be worse. But markets are not likely to take too much comfort from this set of data,” said Rob Carnell of ING in a report.
The Shanghai Composite Index lost 0.6% to 3,119.06 while the Nikkei 225 in Tokyo advanced 1% to 32,669.98. The Hang Seng in Hong Kong declined 0.3% to 18,419.98.
The Kospi in Seoul was 0.4% lower at 2,550.40 and Sydney's S&P-ASX 200 gained 0.1% to 7,305.00.
India's Sensex opened down less than 0.1% at 65,071.31. New Zealand and Singapore advanced while Bangkok and Jakarta declined.
A monthly index of Chinese service industries declined to 51 from June's 51.2 on a 100-point scale on which numbers above 50 show activity growing. A separate manufacturing index improved to 49.7 but still showed activity contracting.
Chinese economic growth slid to 0.8% over the previous quarter in the three months ending June from the January-March quarter's
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