Asian Stock Market: Trades lower as weak Chinese data weighs
- Asian stocks pare the previous session’s gain on Tuesday and trade lower.
- US Dollar Index remains under pressure following Fed’s dovish stance on the interest rate.
- Wall Street closed at the record high on Monday.
Most of the Asia-pacific stocks trade lower on Tuesday diverting from Wall Street record high closing in the US session.
Investors turn cautious after dismal Chinese economic data, which raises concerns about China’s slowing economic growth and regulatory changes.
MSCI’s broadest index of Asia-pacific shares outside Japan slipped 0.25%.
The Shanghai Composite Index fell 0.28% on Tuesday following bleak economic data. China’s factory activity expanded at a slower pace in August as compared to the previous month. The Manufacturing Purchasing Manager’s Index (PMI) came at 50.1 in August as compared to 50.4 in July.
Japan’s Nikkei 225 gained was down 0.2% amid fears over the local COVID-19 situation. Japan’s Industrial output contracted in July as the resurgence of the coronavirus took a toll on the prospects of recovery in the world’s third-largest economy.
Hong Kong’s Hang Seng Index slipped 0.1%, South Korea’s Kospi traded down 0.15%.
The ASX 200 outperformed its peer as it edged up 0.17% higher.
The US Dollar Index (DXY) trades lower below 93.00 with 0.07% losses.
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
