Asian Equities Open Lower after U.S. Selloff

Asian stocks opened lower on the final trading day of the week, pressured by a sell-off on Wall Street overnight and as investors reacted to a batch of economic data from Japan.  However, trading volumes are set to be light on Friday as most markets in the region are closed for the Labor Day holiday.

Meanwhile, China’s official Purchasing Managers’ Index (PMI) is forecast to edge down to 50.0 from 50.1 in March, according to the median forecast of 13 economists in a Reuters poll.

Overnight, U.S. equities suffered heavy losses, led by a 1.6 percent plunge in the Nasdaq Composite amid weak earnings from tech and biotech plays. With the blue-chip Dow and the S&P 500 index shaving off 1 percent each, all three indexes finished below their 50-day moving averages on Thursday.