SINGAPORE — Shares in the Asia Pacific fell at the market open on Thursday as investors await data from China.
The Nikkei 225 in Japan dropped 0.72% in early trade, while the Topix slipped 0.76%
In Australia, the S&P/ASX 200 fell 0.33%.
South Korea’s Kospi declined 0.76%, while the Kosdaq was 0.19% lower.
MSCI’s broadest index of Asia-Pacific shares was down 0.22%
In economic news, China’s official manufacturing Purchasing Managers’ Index for June will be announced later Thursday. According to a Reuters poll, analysts expect a reading of 50.5, which represents expansion in factory activity from the previous month.
The 50-point mark separates growth from contraction, and the index has been under 50 since March.
South Korea’s factory output grew mildly in May, government data showed. Industrial production increased 0.1% from April’s figure. Service sector output grew 1.1% in May.
Japan’s industrial production dropped 7.2% in May, according to government data.
In corporate news, Toyota Motor missed its monthly production target in May for the third month in a row, Reuters reported.
Meanwhile, Hyundai Motor has decided to delay the launch of its upgraded hydrogen car, the Nexo SUV, Reuters reported, citing a South Korean newspaper.
Overnight in the U.S., stocks fluctuated on Wednesday after the major averages made a failed attempt at a bounce in the previous session, and as the market prepares to close out the worst first half of the year since 1970.
The Dow Jones Industrial Average ended the session up 82.32 points, or 0.27%, to 31,029.31, while the other benchmarks closed slightly lower. The S&P 500 dipped 0.07% to 3,818.83, and the tech-heavy Nasdaq Composite edged down by 0.03% to 11,177.89.
Rate hikes, recession fears and inflation concerns have plagued the market.