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Asia stocks slump to monthly loss as China data disappoints

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Asia's stockmarkets slid toward a second month of losses in a row on Wednesday, and even the glittering Nikkei paused, as weak Chinese factory activity fed growing doubts about the post-pandemic recovery in the world's second biggest economy.

Even stocks in Asia's brightest market, Japan, took a breather on Wednesday. The benchmark Nikkei

"Inflation triggered by structural labor shortages is forcing companies ... fundamentally rethink their pricing strategies, and there are clear signs that change is on the way," said Bank of America strategist Masashi Akutsu. Treasuries rallied after the initial deal was struck, on the expectation a U.S. default would be averted, but the market remains skittish as once authorised to borrow the Treasury is likely to issue lots of debt to replenish its coffers.

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