Asian equities kicked off February on weak footing after data released over the weekend showed Chinese factory growth slumped to a six-month low in January. But trading volumes were light with several Asian markets, including Shanghai and Hong Kong, on holiday for the Lunar New Year.
China’s official Purchasing Managers’ Index (PMI) fell to 50.5 in January from December’s 51, heightening worries of an economic slowdown, data released on Saturday showed.
Meanwhile, losses on Wall Street last week also weighed on sentiment. The Dow Jones Industrial Average dropped 1 percent on Friday, with U.S. shares recording their worst month in more than a year and first monthly loss since August.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015