Asian equities head south as Japan and China manufacturing data contribute to Fed concerns
On Wednesday, Asian equities extended losses because poor Chinese as well as Japanese manufacturing data rekindled concerns as for global surge amid anxiety over faster rate lifts in America.
MSCI's index of Asia-Pacific equities went down more than 1%, which is its biggest daily percentage decline since February 9 when world financial markets were affected by worries that American inflation’s picking up.
Japan's Nikkei went down 1% on a bit firmer Japanese yen.
China's blue-chip CSI300 inched down 0.6%, Shanghai's SSE Composite declined 0.8%, while The Hang Seng index slumped 1% in Hong Kong.
S&P E- Mini futures dipped 0.1%, FTSE dived 0.6%.
Asian markets had started mildly lower, although selling intensified after in February data disclosed surge in China's manufacturing sector stepped down more than anticipated to the weakest for 1-1/2 years.
Surge in China's services industry stepped down too, dripping a hint that the major sector was starting to demonstrate evident signs of fatigue.
The weakness was powered by disruption provoked by the Lunar New Year holidays as well as curbs to factory output from strict pollution clampdown, although there are concerns of a greater loss in momentum.
Some financial analysts stressed that the timing of the long holiday might have distorted the activity results.
In the world's number three economy, Japan, January’s industrial output demonstrated its greatest dive since a terrible earthquake in March 2011, causing weakening in demand as well as a build up of inventory.
Surge in India's factory activity stepped down in February too.
Meanwhile, the evergreen buck held on to revenues having soared versus most key currencies on Tuesday.
Additionally, spot gold headed south to $1,317.61 per ounce, which is not far from Tuesday's outcome of $1,313.26 that in turn appeared to be the lowest reading for three weeks.
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