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Asia stocks wobble as China’s manufacturing activity contracts

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The Hang Seng and CSI300 index opened down 0.4% and 0.3% respectively, but MSCI’s gauge of Asia Pacific stocks outside Japan was up 0.02% in early trade

The Hang Seng and CSI300 index opened down 0.4% and 0.3% respectively, but MSCI’s gauge of Asia-Pacific stocks outside Japan was up 0.02% in early tradeHong Kong — Asian shares wobbled on Wednesday as investors remain cautious about China’s path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day.

China’s factory activity deepened this month, an official survey showed on Wednesday, weighed down by softening global demand and Covid-19 restrictions. “Headlines from China regarding Covid restrictions and protests are causing jitters among investors. Although some Covid-easing measures are being considered, it may not be enough to prevent further economic disruption,” said Anderson Alves, global macro analyst at ActivTrades.

 

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