Stocks in Asia were lower on Wednesday as a private survey showed Chinese manufacturing activity expanding slightly in March.
In Japan, the Nikkei 225 index dropped 851.60 or 4.5%, to 18,065.41, with shares of robot maker Fanuc plunging 6.6%.
The big manufacturer’s index in the Bank of Japan’s Tankan March 2020 for the first quarter came in at -8. That was its lowest level since March 2013. Still, that was above expectations of a reading of -10 in a poll of economists.
The Japanese yen traded at 107.54 per U.S. dollar after strengthening from levels above 108 yesterday.
In Hong Kong, the Hang Seng Index dumped 517.69 points, or 2.2%, to 23,085.79.
Hong Kong-listed shares of HSBC fell 9.1%, and Standard Chartered plunged 6.8%. The moves came after both British lenders canceled dividend payments at the request of the U.K. financial regulator in light of the coronavirus pandemic.
Australian stocks found their way upward. The Australian dollar changed hands at $0.6078 after seeing an earlier high of $0.6158.
CHINA
The CSI 300 fell 11.08 points, or 0.3%, to 3,675.08
The Caixin/Markit Manufacturing Purchasing Managers’ index for March came in at 50.1, above expectations of a reading of 45.5 by analysts.The data release came on the back of February’s reading of 40.3, the sharpest contraction on record. PMI readings below 50 signify a contraction, while figures above that level indicate an expansion.
In other markets
In Korea, the Kospi index slumped 69.18 points, or 3.9%, to 1,685.46
In Taiwan, the Taiex slid 44.43 points, or 0.5%, to 9,663.63
In Singapore, the Straits Times Index slipped 40.96 points, or 1.7%, to 2,440.27
In New Zealand, the NZX 50 gained 129.33 points, or 1.3%, to 9,926.08
In Australia, the ASX 200 jumped 181.81 points, or 3.6%, to 5,258.64
