China Leads Asian Equities Lower after PMI

Asian stocks turned mixed on Thursday, with Chinese shares significantly lower on the back of a lower-than-expected preliminary reading of mainland manufacturing activity. Trading is likely to be subdued as investors remain on the sidelines before a gathering of central bankers in Jackson Hole later in the day.

HSBC flash China’s purchasing managers’ index (PMI) fell to a 3-month low in August, coming in at 50.3. The reasing is much lower than a Reuters poll expecting 51.5 and following an 18-month high of 51.7 in July.

U.S. stocks ended mostly higher on Wednesday after minutes from the Federal Reserve’s last policy meeting showed that some Fed officials want a “relatively prompt” rate hike based on the economy’s progress.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.