Investing.com – Asian stock markets were broadly lower on Tuesday, after data pointed to a slowdown in Chinese manufacturing activity in October and amid renewed concerns over the debt crisis in the euro zone.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 2.5%, Australia’s ASX/200 Index dropped 1.5%, while Japan’s Nikkei 225 Index fell 1.7%.
Market sentiment was weighed after Greek Prime Minister George Papandreou reportedly said that a referendum will be held on the latest aid proposals for the debt-laden country, adding to nervousness over the region’s debt crisis.
Asian equities added to losses after official data released earlier showed that China's official purchasing managers' index fell to the lowest level since February 2009 in October, declining to 50.4 from 51.2. A reading above 50.0 indicates growing activity.
In Hong Kong, shares in raw material producers came under selling pressure following the data, amid concerns over a slowdown in demand from China.
Shares in China’s largest aluminum producer Aluminum Corporation of China tumbled 4.4%, oil and gas giant CNOOC dropped 4.95%, while shares in copper miner Jiangxi Copper Company slumped 5.1%.
Shares in lenders and property developers continued their recent run of losses, as fears over a ‘hard landing’ in China mounted.
The nation’s largest lender Industrial & Commercial Bank of China dropped 4.05%, China Construction Bank shares fell 2.95%, while shares in property developers Sino Land and China Overseas Land & Investment tumbled 14.8% and 6.7% respectively.
In Japan, many of the big name exporters declined, giving back some of the previous day’s gains following after Tokyo intervened to curb the yen’s strength.
Plasma television maker Panasonic saw shares drop 5.1% after it swung to a second quarter net loss and cut its full-year forecast. Shares in rival Sony tumbled 6.3%, while Nissan shares slumped 1.9%.
The outlook for European stock markets, meanwhile, was sharply lower. The EURO STOXX 50 futures pointed to a loss of 2.5%, France’s CAC 40 futures fell 2.3%, the FTSE 100 futures declined 1.7%, while Germany's DAX futures plunged 2.9%.
Later in the day, the Institute of Supply Management was to produce a report on U.S. manufacturing activity.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 2.5%, Australia’s ASX/200 Index dropped 1.5%, while Japan’s Nikkei 225 Index fell 1.7%.
Market sentiment was weighed after Greek Prime Minister George Papandreou reportedly said that a referendum will be held on the latest aid proposals for the debt-laden country, adding to nervousness over the region’s debt crisis.
Asian equities added to losses after official data released earlier showed that China's official purchasing managers' index fell to the lowest level since February 2009 in October, declining to 50.4 from 51.2. A reading above 50.0 indicates growing activity.
In Hong Kong, shares in raw material producers came under selling pressure following the data, amid concerns over a slowdown in demand from China.
Shares in China’s largest aluminum producer Aluminum Corporation of China tumbled 4.4%, oil and gas giant CNOOC dropped 4.95%, while shares in copper miner Jiangxi Copper Company slumped 5.1%.
Shares in lenders and property developers continued their recent run of losses, as fears over a ‘hard landing’ in China mounted.
The nation’s largest lender Industrial & Commercial Bank of China dropped 4.05%, China Construction Bank shares fell 2.95%, while shares in property developers Sino Land and China Overseas Land & Investment tumbled 14.8% and 6.7% respectively.
In Japan, many of the big name exporters declined, giving back some of the previous day’s gains following after Tokyo intervened to curb the yen’s strength.
Plasma television maker Panasonic saw shares drop 5.1% after it swung to a second quarter net loss and cut its full-year forecast. Shares in rival Sony tumbled 6.3%, while Nissan shares slumped 1.9%.
The outlook for European stock markets, meanwhile, was sharply lower. The EURO STOXX 50 futures pointed to a loss of 2.5%, France’s CAC 40 futures fell 2.3%, the FTSE 100 futures declined 1.7%, while Germany's DAX futures plunged 2.9%.
Later in the day, the Institute of Supply Management was to produce a report on U.S. manufacturing activity.