Asian stocks drop after China’s flash manufacturing PMI
Bareksa • 23 Jan 2014
A man looks at an electronic stock quotation board outside a brokerage in Tokyo (REUTERS)
Growth in China isn’t going to pick up as the government is focused on rebalancing the economy
Bloomberg - Asian stocks fell, with the regional benchmark index heading for its lowest close in a month, after a gauge of China’s manufacturing unexpectedly contracted. China Construction Bank Corp. (939) slid 3 percent in Hong Kong, pacing losses among Chinese lenders.
Hang Lung Properties Ltd. (101), the Hong Kong developer investing more than $8.5 billion building malls in mainland China, declined 5.1 percent after posting a drop in underlying profit. Insurance Australia Group Ltd. lost 3 percent after the nation’s largest car and home insurer lowered its growth forecast for gross premiums.