Asian stock markets are mostly lower after Japanese factory activity and Chinese service industry growth weakened. Shanghai, Hong Kong and Seoul declined. Tokyo gained.
Official data showed Japanese factory activity shrank by 2% from the previous month in July. A survey of Chinese service industries showed activity weakened in July but still was expanding.
A monthly index of Chinese service industries declined to 51 from June’s 51.2 on a 100-point scale on which numbers above 50 show activity growing. A separate manufacturing index improved to 49.7 but still showed activity contracting. On Wall Street, the S&P 500 advanced Wednesday to 4,514.87. It is down from this year’s peak in July but still up 17.6% for the first eight months of 2023.
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