Most Asian Stocks Start Lower on China's Weak Manufacturing PMI
Most Asian stock indices opened lower on the first trading day of the week on persistent concern about China's economy. Chinese authorities announced that the country's official October manufacturing purchasing managers' index (PMI) was 49.8 (a reading below 50.0 indicates contraction), unchanged from the preceding month and below analysts' consensus of 50.1. Concern about sluggish manufacturing in China caused falling stock indices. Japanese shares were affected the most.
Japan's Nikkei 225 index was down 1.66 percent on Monday morning. Last Friday (30/10), Japan’s central bank decided to keep its monetary policy unchanged. It did say, however, that it may expand its already massive stimulus program to counter slowing exports and boost economic growth.
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