Market update – China (FXI, quote) reported disappointing HSBC Flash Manufacturing PMI of 47.7 compared to estimates of 48.6. The previous reading was 48.2. China, the second largest economy headlines pushed the Asian markets broadly lower early in the Asian session.
Data over the weekend from China showed a drop in economic growth, down to 7.7% year-over-year for Q1 2013. However, in spite of the exchange’s recent woes, the Shanghai Composite (FXI, quote) is showing remarkable resilience.
The Shanghai Composite (FXI, quote) ended the day roughly flat, down less than 0.1%. However, juxtaposed to other Asian markets’ performance and interday market action, the Shanghai Composite traded disappointingly to start the week.
posted on February 26, 2013 at 8:00 am by Sean Geary
The Shanghai Composite dropped 1.4% overnight as the Chinese economy (FXI, quote) digested news that the country may consider tightening monetary policy in order to stem inflation and economic news from overseas disappointed.