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Stock market today: Asian shares fall back amid selling of China property shares

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Shares have slipped in Asia after U.S. markets were closed for the Labor Day holiday. U.S. futures also were lower and oil prices were mixed.

Chinese services data came in weaker than expected, dulling hopes for a rebound in China’s lackluster growth. A survey showed business activity in China’s services sector increased at the slowest pace in eight months.

In Seoul, the Kospi lost 0.3% to 2,577.71. Australia’s S&P/ASX 200 was down 0.5% to 7,279.30. Shares also fell in Southeast Asia and Taiwan. The report also showed the unemployment rate rose to 3.8% from 3.5%. That’s the highest level since February 2022, though still low by historical standards.expected at some point in 2023

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