Asian Equities Lower after China PMI

Asian stocks fell amid low trading volumes after a private gauge of Chinese manufacturing contracted for a fourth month, missing analysts’ estimates.

China Longyuan Power Group Corp. sank 2.5 percent, leading energy companies lower in Hong Kong. Westpac Banking Corp., Australia’s second-biggest lender by market value, slid 1.4 percent in Sydney even as first-half cash profit grew. HTC Corp. soared 5.7 percent in Taipei as investors awaited a conference call where the smartphone maker is expected to give a forecast for second-quarter profit.

The MSCI Asia Pacific excluding Japan Index slipped 0.4 percent to 473.75 at 10:31 a.m. in Hong Kong, following three weeks of losses. Markets in Japan and South Korea are closed today and tomorrow for holidays. Futures on the Standard & Poor’s 500 Index retreated 0.1 percent.

Bloomberg

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