Investing.com – Asian stock markets tumbled on Wednesday, after data showed that manufacturing activity in China fell to a 32-month low in November, exacerbating concerns over an already bleak global outlook.
During late Asian trade, Hong Kong's Hang Seng Index dropped 1.95%, Australia’s ASX/200 Index retreated 2%, while Japan’s Nikkei 225 Index was closed for a public holiday.
A preliminary reading of the HSBC China purchasing managers' index fell to a contractionary reading of 48.0 in November, down from 51.0 in October. It was the lowest level since March 2009, renewing fears over a ‘hard landing’ for the world’s second largest economy.
Financial sector shares were broadly lower in Hong Kong. China Construction Bank shares dropped 1.7%, Industrial and Commercial Bank of China shares fell 2.3%, while Hong Kong-listed shares of Europe’s largest lender HSBC Holdings retreated 1.9%.
Shares in raw material producers also contributed to losses, after oil and metal prices retreated on the NYMEX. Oil and gas giant PetroChina saw shares fall 2.75%, copper producer Jiangxi Copper dropped 3.45%, while Aluminum Corporation of China saw shares retreat 3.6%.
In Australia, shares in miners led losses after the country's House of Representatives approved a proposal to impose a windfall profits tax on big mining companies. The Senate is expected to endorse the measure in early 2012.
Mining giants BHP Billiton and Rio Tinto saw shares drop 3.05% and 3.4% respectively, while Newcrest Mining shares slumped 1.6%.
Shares in steelmaker OneSteel tumbled 7.2% a day after rival BlueScope Steel announced that it would raise up to AUD600 million in capital. BlueScope shares did not trade Wednesday.
The outlook for European stock markets, meanwhile, was downbeat amid fears that France's triple A credit rating might be in danger.
The EURO STOXX 50 futures pointed to a fall of 0.9%, France’s CAC 40 futures dropped 0.95%, the FTSE 100 futures declined 0.9%, while Germany's DAX futures pointed to a sharp loss of 1.05%.
Later in the day, the U.S. was to publish a string of economic data ahead of Thursday’s Thanksgiving holiday, including a government report on durable goods orders, the weekly report on initial jobless claims as well as data on crude oil stockpiles, inflation, personal income and personal spending.
Meanwhile, the University of Michigan was to release revised data on inflation expectations and consumer sentiment.
During late Asian trade, Hong Kong's Hang Seng Index dropped 1.95%, Australia’s ASX/200 Index retreated 2%, while Japan’s Nikkei 225 Index was closed for a public holiday.
A preliminary reading of the HSBC China purchasing managers' index fell to a contractionary reading of 48.0 in November, down from 51.0 in October. It was the lowest level since March 2009, renewing fears over a ‘hard landing’ for the world’s second largest economy.
Financial sector shares were broadly lower in Hong Kong. China Construction Bank shares dropped 1.7%, Industrial and Commercial Bank of China shares fell 2.3%, while Hong Kong-listed shares of Europe’s largest lender HSBC Holdings retreated 1.9%.
Shares in raw material producers also contributed to losses, after oil and metal prices retreated on the NYMEX. Oil and gas giant PetroChina saw shares fall 2.75%, copper producer Jiangxi Copper dropped 3.45%, while Aluminum Corporation of China saw shares retreat 3.6%.
In Australia, shares in miners led losses after the country's House of Representatives approved a proposal to impose a windfall profits tax on big mining companies. The Senate is expected to endorse the measure in early 2012.
Mining giants BHP Billiton and Rio Tinto saw shares drop 3.05% and 3.4% respectively, while Newcrest Mining shares slumped 1.6%.
Shares in steelmaker OneSteel tumbled 7.2% a day after rival BlueScope Steel announced that it would raise up to AUD600 million in capital. BlueScope shares did not trade Wednesday.
The outlook for European stock markets, meanwhile, was downbeat amid fears that France's triple A credit rating might be in danger.
The EURO STOXX 50 futures pointed to a fall of 0.9%, France’s CAC 40 futures dropped 0.95%, the FTSE 100 futures declined 0.9%, while Germany's DAX futures pointed to a sharp loss of 1.05%.
Later in the day, the U.S. was to publish a string of economic data ahead of Thursday’s Thanksgiving holiday, including a government report on durable goods orders, the weekly report on initial jobless claims as well as data on crude oil stockpiles, inflation, personal income and personal spending.
Meanwhile, the University of Michigan was to release revised data on inflation expectations and consumer sentiment.