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Asia markets down after China manufacturing slump
Asia-Pacific markets declined on Monday as investors assessed China's business activity numbers, released over the weekend. The Manufacturing Purchasing Managers Index, or PMI, fell to a six-month low of 49.1, falling further below the 50 mark that separates growth from contraction. Meanwhile, non-manufacturing PMI climbed to 50.3, up from July's 50.2, the 20th successive month of expansion in the service sector. Separately, the Caixin manufacturing PMI for August showed an improvement in the country's manufacturing activity, which expanded to 50.4 compared to July's 49.8, beating expectations. Traders are looking ahead to more economic data coming out from major markets in the region, including inflation numbers from South Korea, Australia's second-quarter GDP, as well as data on pay and household spending from Japan later in the week.
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