Asian Stocks Drop on China's Flash PMI Data
Asian stocks took a dip on Thursday reacting to China’s flash PMI figures released by HSBC. The Shanghai Composite index closed at a two week low, down 1.6%.The PMI measures manufacturing activity. The index of 47.8 for September is slightly higher than August. That hints at a stabilization of the manufacturing slowdown. Meaning the economy is still slowing down, but not as quickly as before. However, the sub-index is at a ten-month low and shows an increasing contraction of overall manufacturing output.The flash PMI is considered an initial report. Final PMI data will be released later this month.