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.


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