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China's Shenzhen Component index led losses in mixed Asia-Pacific trade on Wednesday following a negative lead from Wall Street, and as investors digest China's factory activity data.
The Shanghai Composite in mainland China dipped 1.18%, and the Shenzhen Component shed 1.74%.
China's official manufacturing Purchasing Managers' Index for August beat expectations slightly, coming in at 49.4, official data showed. The non-manufacturing PMI was at 52.6. Major cities in China, including Dalian and Shenzhen, also tightened Covid restrictions on Tuesday.
Hong Kong's Hang Seng index pared some earlier losses and traded 0.39% lower, while the Hang Seng Tech index gained 0.78%.
The Nikkei 225 in Japan shed 0.49%, and the Topix index slipped 0.4%. Australia's S&P/ASX 200 declined 0.2%.
In South Korea, the Kospi traded 0.36% higher while the Kosdaq was up 0.8%. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed.
Overnight on Wall Street, major stock indexes fell for a third straight session.
The S&P 500 dipped 1.1% to 3,986.16, falling below the 4,000 level for the first time since July. The Nasdaq Composite dropped 1.1%, to close at 11,883.14, and the Dow Jones Industrial Average shed 308.12 points, or nearly 1%, to 31,790.87.
"Equity markets continued to be impacted by expectations central banks will keep their foot on the accelerator in terms of rate hikes," Brian Martin and Daniel Hynes of ANZ Research wrote in a note Wednesday.
On Tuesday stateside, New York Federal Reserve President John Williams said he sees rates rising further and staying at those levels until inflation is subdued.
— CNBC's Tanaya Macheel, Jesse Pound and Jeff Cox contributed to this report.
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August 31, 2022 at 12:23PM
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China markets drop as factory activity shrinks; Asia stocks mixed - CNBC
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