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Asian Shares Decline But China Rises on Data
By: MT Newswires
Asian stocks mostly ease, but China gains after data continued to show expansion in the economy.
China's on-manufacturing purchasing manager's index (PMI) rose to 54.1 in July. The key 50 threshold demarcates expansion from contraction.
The HSBC China Services Business Activity Index printed at 51.3 for the second month in a row, above the 50 mark signalling growth though at a level HSBC called "historically weak."
The People's Bank of China will appropriately fine-tune policies and strike a balance between stable growth, structural adjustment, reform and risk prevention, according to a statement after a meeting of chiefs of central bank branches posted on the PBOC's website Aug. 4.
In other parts of the region, Australian Prime Minister Kevin Rudd's decision to set a date for general elections on September 7.
In ADR news, Toyota ( TM ) posted better-than-expected earnings and lifted its annual profit outlook.
China Yuchai International ( CYD ) says Q2 revenue rose to RMB 4.25 billion (US$ 688.1 million) from a year ago's RMB 3.43 billion. EPS rose to RMB 4.46 (US$ 0.72).
The Nikkei ended down 1.44% at 14,258.04, the Hang Seng up 0.14% at 22,222.01 and the Straits Times down 0.38% at 3,241.79.