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Asia shares fall on concern over US economic growth | Asia shares fall on concern over US economic growth |
(about 1 hour later) | |
Shares across Asia were mostly trading down on Monday, taking their lead from the US markets, which fell on news that the world's largest economy shrank by 0.7% in the first quarter of 2015. | |
The benchmark Nikkei 225 was down 0.47% at 20,466.45 points. | The benchmark Nikkei 225 was down 0.47% at 20,466.45 points. |
Last week, the Nikkei marked its longest rising streak since a 13-day run in February 1988. | Last week, the Nikkei marked its longest rising streak since a 13-day run in February 1988. |
In Australia, the benchmark S&P/ASX 200 index was down 0.96% at 5,723.80, following the US trend. | In Australia, the benchmark S&P/ASX 200 index was down 0.96% at 5,723.80, following the US trend. |
Meanwhile, South Korea's benchmark Kospi index was down 1.17% at 2,090.02 points after a private survey showed manufacturing activity in the country contracted in May for the third month in a row. | Meanwhile, South Korea's benchmark Kospi index was down 1.17% at 2,090.02 points after a private survey showed manufacturing activity in the country contracted in May for the third month in a row. |
Official data also showed the country's exports in May were down 10.9% compared to a year earlier, while imports were down 15.3%. | Official data also showed the country's exports in May were down 10.9% compared to a year earlier, while imports were down 15.3%. |
The numbers fuel concerns over South Korea's faltering economic recovery. | |
Bucking the trend | |
In China, Hong Kong's Hang Seng index was down 0.61% at 27,256.70, while the Shanghai Composite was bucking the regional trend in early trade, up just 0.10% at 4,616.19. | |
Fresh official numbers from the mainland showed activity in some of China's big factories had increased slightly in May, in line with expectations. | |
The country's official purchasing manager's index (PMI), which measures items including new orders, showed an expansion from 50.1 in April to 50.2 in May. | |
A reading above 50 indicates expansion in the month, while a reading below 50 means there has been a contraction in the period. | |
Mainland shares had rattled global markets last week, falling as much as 6% on Thursday. | |
Analysts said there were a number of reasons for the falls, including brokerages tightening lending rules on margin financing. | |
Another wave of new share offerings this week is also expected to remove liquidity from the market. | Another wave of new share offerings this week is also expected to remove liquidity from the market. |