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Asia stocks set to trade lower amid renewed slowdown fears

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U.S. manufacturing activity contracted to its worst level since June 2009, according to a report from the Institute for Supply Management.

Stocks in Asia were poised to open lower on Wednesday after new data renewed fears of a global economic slowdown.

The Institute for Supply Management said U.S. manufacturing activity contracted to its worst level since June 2009. That report came on the back of the release of weak manufacturing data from Europe.Stocks in Asia were poised to open lower on Wednesday on renewed fears of a global economic slowdown. Futures pointed to a lower open for Japanese shares, with the Nikkei futures contract in Chicago at 21,730 and its counterpart in Osaka at 21,670. TheAustralian stocks were also set to slip at the open. The SPI futures contract was at 6,653.0, as compared to theInvestors will watch for reaction to new data that renewed fears of a slowing global economy. The Institute for Supply Management said U.S. manufacturing activity contracted to its.

"The very weak ISM, weak levels of plans, and inversion of parts of the US yield curve suggests a growing risk the US economy falls into recession," Joseph Capurso, senior currency strategist at Commonwealth Bank of Australia, wrote in a note. Hong Kong retail sales data for August is expected to be released later today at 4:30 p.m. HK/SIN. The sector has taken a hit amid protracted protests in the city that have lasted for months and

 

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