Asian stocks dropped,
after their best month since May 2009, as industrial companies led
losses following data signaling a contraction in Chinese manufacturing.
The MSCI Asia Pacific
Index fell 0.5 percent to 133.77 as of 9:01 a.m. in Tokyo. The measure
rallied 8.6 percent in October as China cut interest rates and the
European Central Bank hinted at potential extra stimulus, while U.S. and
Japanese policy makers kept their monetary policies accommodative.
China’s first key indicator this quarter, an official factory gauge,
missed analysts’ estimates, signaling that the manufacturing sector has
yet to bottom out as global demand falters and deflationary pressures
deepen.
The purchasing
managers’ index was unchanged at 49.8 in October, the National Bureau of
Statistics said Sunday, compared with the median estimate of 50 in a
Bloomberg survey. The non-manufacturing PMI, a barometer of services and
construction, fell to 53.1 from 53.4 in September, the weakest since
December 2008. Final numbers for the private Caixin China factory PMI
are due Monday, with economists surveyed by Bloomberg projecting a
reading of 47.6.
Source: Bloomberg
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