Investing.com - Asian stocks fell on Wednesday after weak manufacturing data broke in the U.S., fueling concerns the world's largest economy may be cooling and will demand less goods and services from Asian exporters.
Soft Australian growth figures fueled the selloff as well.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was down 1.30%, Australia's S&P/ASX200 was down 0.87%, while Japan’s Nikkei 225 Index was down 0.73%.
In the U.S. earlier, the Institute for Supply Management said its purchasing managers' index fell by 0.2 points to 49.6 in August from a reading of 49.8 in July.
Analysts had expected the ISM index of purchasing managers to gain 0.2 points and hit 50.0.
The report added that new orders fell while inventories rose, indicating that sales are softening, while the number of new workers hired fell to the lowest level since late 2009.
Meanwhile in Australia, the country's gross domestic product grew 0.6% in the second quarter, missing analysts' calls for 0.7% growth.
In Hong Kong, top decliners included Li & Fung, down 3.69%, Hengan INTL, down 3.22%, and Cathay Pacific Air, down 2.98%.
In Australia, top decliners included Gindalbie Metals, down 9.68%, Boart Longyear, down 9.45%, and Fortescue Metals, down 9.38%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.25%, while Germany's DAX 30 futures pointed to a loss of 0.33%. Meanwhile in the U.K., FTSE 100 futures indicated a loss of 0.23%.
Dow Jones Industrial Average futures were down 0.18% while the S&P 500 futures were down 0.20%.
Investors will spend the day preparing for Thursday's European Central Bank meeting, where talk is building the monetary authority may announce plans to buy sovereign debt to lower borrowing costs in countries such as Italy and Spain.
Investors are also keeping an eye on Friday for the release of the August nonfarm payroll report in the U.S.
Soft Australian growth figures fueled the selloff as well.
During Asian trading on Wednesday, Hong Kong's Hang Seng Index was down 1.30%, Australia's S&P/ASX200 was down 0.87%, while Japan’s Nikkei 225 Index was down 0.73%.
In the U.S. earlier, the Institute for Supply Management said its purchasing managers' index fell by 0.2 points to 49.6 in August from a reading of 49.8 in July.
Analysts had expected the ISM index of purchasing managers to gain 0.2 points and hit 50.0.
The report added that new orders fell while inventories rose, indicating that sales are softening, while the number of new workers hired fell to the lowest level since late 2009.
Meanwhile in Australia, the country's gross domestic product grew 0.6% in the second quarter, missing analysts' calls for 0.7% growth.
In Hong Kong, top decliners included Li & Fung, down 3.69%, Hengan INTL, down 3.22%, and Cathay Pacific Air, down 2.98%.
In Australia, top decliners included Gindalbie Metals, down 9.68%, Boart Longyear, down 9.45%, and Fortescue Metals, down 9.38%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.25%, while Germany's DAX 30 futures pointed to a loss of 0.33%. Meanwhile in the U.K., FTSE 100 futures indicated a loss of 0.23%.
Dow Jones Industrial Average futures were down 0.18% while the S&P 500 futures were down 0.20%.
Investors will spend the day preparing for Thursday's European Central Bank meeting, where talk is building the monetary authority may announce plans to buy sovereign debt to lower borrowing costs in countries such as Italy and Spain.
Investors are also keeping an eye on Friday for the release of the August nonfarm payroll report in the U.S.