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April 23, 2013, 4:19 a.m. EDT

Asia stocks trip over weak China data

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian markets fell Tuesday after data showing Chinese manufacturing activity expanded at a slower rate in April, with Shanghai-listed stocks hit particularly hard, although Australian shares climbed on the back of banks and energy producers.

“Investor outlook on the Chinese economy appears delicately balanced,” said CMC Markets chief market analyst Ric Spooner.

Spooner said there were worries that the Chinese economy may be underperforming the official numbers, in addition to “concerns that the economy has the potential to weaken further as authorities wrestle with the contradictory imperatives of maintaining growth.”


Reuters

The Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +3.33%  was the region’s worst performing stock benchmark, dropping 2.6% for its worst daily loss in nearly a month. The decline came after a preliminary version of HSBC’s manufacturing Purchasing Managers’ Index slipped to a two-month low of 50.5 in April, compared with a final reading of 51.6 in March.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +2.57%  gave up 1.1%, Taiwan’s Taiex  shed 0.4% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.54%  lost 0.4%.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +2.55%  slipped 0.3% after struggling to rise earlier in the day.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.93%  was one major exception, rising 1% at 5,016.20, even though a number of Sydney-listed miners that count China as a major customer for the commodities they produce declined.

The broad losses in Asia came despite gains for U.S. stocks overnight.

HSBC’s chief China economist Qu Hongbin said a drop in new export orders signaled weak external demand, while overall sluggish demand conditions have also begun to weigh on employment. Still, Qu remained optimistic about a policy response to support the economy.

Click to Play

What urban Chinese buy on credit

As China’s middle class grows, so does their debt. Shaun Rein from China Market Research talks about what Chinese consumers are buying with the 320 million credit cards currently in circulation in China.

“Beijing is expected to respond strongly to sustain the economic recovery by increasing efforts to boost domestic investment and consumption in the coming months,” he said.

Shares of property- and construction-related firms took a tumble on Chinese bourses after the HSBC PMI data release, with Anhui Conch Cement Co. /zigman2/quotes/204422624/delayed CN:600585 +1.75% /zigman2/quotes/200654749/delayed AHCHY -1.81%  shedding 5.9%, real-estate major Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 +1.01% skidding 4.9%, and Chongqing Iron & Steel Co. /zigman2/quotes/202296970/delayed CN:601005 +1.68% falling 4.8%.

Property giant China Vanke Co.  lost 3.5% in Shenzhen trading despite posting a 16% rise in first-quarter net profit.

Commodity producers suffered selling in Hong Kong, where shares of Aluminum Corp. of China Ltd. /zigman2/quotes/202960704/delayed HK:2600 +1.58%   /zigman2/quotes/208051344/composite ACH 0.00%  lost 1.7% and PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +3.51%   /zigman2/quotes/205108732/composite PTR +1.21%  fell 1.2%, while ports operator Cosco Pacific Ltd. /zigman2/quotes/201167312/delayed HK:1199 +2.08% /zigman2/quotes/204918291/delayed CSPKY -5.20% dropped 3%.

Heavyweight stock China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 +2.16%   /zigman2/quotes/204514293/composite CHL +1.03% retreated 0.9% after reporting its net profit barely grew in the first quarter amid stiff competition.

The gains in Sydney were aided by the energy sector, with major oil producer Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL +0.98% /zigman2/quotes/206334215/delayed WOPEY +0.71% jumping 9.7% after announcing a special dividend. Among its sector peers, shares of Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO +1.58%   /zigman2/quotes/207933640/delayed STOSF -0.30%  climbed 3%, while Linc Energy Ltd.  added 5.1%.

/zigman2/quotes/203437212/delayed WPL 34.97, +0.34, +0.98%
Woodside Petroleum
One-year price chart

Financials were also higher in Sydney following a positive lead from Wall Street, helped by further buying in high-dividend stocks. Australia & New Zealand Banking Group /zigman2/quotes/205482049/delayed AU:ANZ +1.09% /zigman2/quotes/203732563/delayed ANZBY +1.73%  added 2.4%, and Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC +1.02%   /zigman2/quotes/206661702/composite WBK +1.63%  gained 1.3%.

The big miners dropped, however, in reaction to the Chinese data. Shares of BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +1.12%   /zigman2/quotes/208108397/composite BHP +0.78%  lost 1.1%, Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO +0.81%   /zigman2/quotes/202627887/composite RIO +0.35%  fell 2.3% and Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG +0.56%   /zigman2/quotes/204116626/delayed FSUMF +2.23%  dropped 1.3%.

Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +1.93%   /zigman2/quotes/203286036/delayed NCMGY +0.15%  declined 3.3% after saying it’s reviewing all business activities in the wake of the drop in gold prices.

Shares of Virgin Australia Holdings Ltd. /zigman2/quotes/207744791/delayed AU:VAH +1.67%   /zigman2/quotes/207088423/delayed VBHLF -3.79% climbed 4.6% after local regulators approved the airline’s plan to buy a majority stake in low-cost carrier Tiger Airways Australia.

Over in Tokyo, banks gave up some of their strong recent gains, with Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 +2.69%   losing 1.5% and Mizuho Financial Group Inc. /zigman2/quotes/204507985/delayed JP:8411 +2.03% /zigman2/quotes/200950467/composite MFG 0.00% shedding 1.8%.

Fuji Heavy Industries Ltd. /zigman2/quotes/203522406/delayed JP:7270 +0.93%   /zigman2/quotes/203008939/delayed FUJHF +1.40% , the maker of Subaru vehicles, rose 0.5% after the Nikkei newspaper said it plans to invest 30 billion yen ($302.1 million) /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0293% for expansion in the U.S.

ANA Holdings Inc. /zigman2/quotes/202790240/delayed JP:9202 +0.60%   /zigman2/quotes/203486823/delayed ALNPF 0.00%  added 1% after the Nikkei newspaper reported that the parent company of All Nippon Airways Co. was likely to report a 10% increase in annual group operating profit.

/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 16.12
+0.52 +3.33%
Volume: 105.31M
Dec. 13, 2019 3:00p
P/E Ratio
10.70
Dividend Yield
0.90%
Market Cap
¥276.79 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,687.76
+693.62 +2.57%
Volume: 2.21M
Dec. 13, 2019 4:08p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,170.25
+32.90 +1.54%
Volume: 540,027
Dec. 13, 2019 6:01p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
24,023.10
+598.29 +2.55%
Volume: 0.00
Dec. 13, 2019 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,802.20
+62.50 +0.93%
Volume: 81,087
Dec. 16, 2019 10:48a
loading...
/zigman2/quotes/204422624/delayed
CN : China: Shanghai
¥ 48.85
+0.84 +1.75%
Volume: 31.29M
Dec. 13, 2019 3:00p
P/E Ratio
7.87
Dividend Yield
3.46%
Market Cap
¥258.87 billion
Rev. per Employee
¥2.89M
loading...
/zigman2/quotes/200654749/delayed
US : U.S.: OTC
$ 33.67
-0.62 -1.81%
Volume: 10,387
Dec. 13, 2019 3:40p
P/E Ratio
7.46
Dividend Yield
3.14%
Market Cap
$8.89 billion
Rev. per Employee
$437,167
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 12.94
+0.13 +1.01%
Volume: 33.08M
Dec. 13, 2019 3:00p
P/E Ratio
7.06
Dividend Yield
4.64%
Market Cap
¥58.42 billion
Rev. per Employee
¥7.89M
loading...
/zigman2/quotes/202296970/delayed
CN : China: Shanghai
¥ 1.82
+0.03 +1.68%
Volume: 18.41M
Dec. 13, 2019 3:00p
P/E Ratio
15.76
Dividend Yield
N/A
Market Cap
¥16.17 billion
Rev. per Employee
¥3.40M
loading...
/zigman2/quotes/202960704/delayed
HK : Hong Kong
HK$ 2.57
+0.04 +1.58%
Volume: 13.85M
Dec. 13, 2019 4:08p
P/E Ratio
356.94
Dividend Yield
N/A
Market Cap
HK$43.75 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/208051344/composite
US : U.S.: NYSE
$ 8.31
0.00 0.00%
Volume: 11,815
Dec. 13, 2019 6:30p
P/E Ratio
366.08
Dividend Yield
N/A
Market Cap
$1.31 billion
Rev. per Employee
$387,394
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 3.83
+0.13 +3.51%
Volume: 150.88M
Dec. 13, 2019 4:08p
P/E Ratio
14.69
Dividend Yield
4.12%
Market Cap
HK$700.97 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 48.41
+0.58 +1.21%
Volume: 157,461
Dec. 13, 2019 6:30p
P/E Ratio
11.19
Dividend Yield
3.49%
Market Cap
$10.21 billion
Rev. per Employee
$678,384
loading...
/zigman2/quotes/201167312/delayed
HK : Hong Kong
HK$ 6.39
+0.13 +2.08%
Volume: 4.23M
Dec. 13, 2019 4:08p
P/E Ratio
8.48
Dividend Yield
4.79%
Market Cap
HK$20.20 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204918291/delayed
US : U.S.: OTC
$ 9.45
-0.52 -5.20%
Volume: 0.00
May 31, 2019 1:35p
P/E Ratio
9.82
Dividend Yield
3.64%
Market Cap
$2.59 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 61.60
+1.30 +2.16%
Volume: 19.49M
Dec. 13, 2019 4:08p
P/E Ratio
10.14
Dividend Yield
4.74%
Market Cap
HK$1261.29 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/204514293/composite
US : U.S.: NYSE
$ 39.21
+0.40 +1.03%
Volume: 1.29M
Dec. 13, 2019 6:30p
P/E Ratio
10.12
Dividend Yield
4.28%
Market Cap
$160.57 billion
Rev. per Employee
$239,645
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 34.97
+0.34 +0.98%
Volume: 257,832
Dec. 16, 2019 10:48a
P/E Ratio
18.90
Dividend Yield
5.16%
Market Cap
$32.58 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206334215/delayed
US : U.S.: OTC
$ 24.04
+0.17 +0.71%
Volume: 11,613
Dec. 13, 2019 3:59p
P/E Ratio
18.11
Dividend Yield
5.12%
Market Cap
$22.40 billion
Rev. per Employee
$1.43M
loading...
/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 8.38
+0.13 +1.58%
Volume: 785,218
Dec. 16, 2019 10:48a
P/E Ratio
13.79
Dividend Yield
2.09%
Market Cap
$17.18 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/207933640/delayed
US : U.S.: OTC
$ 5.58
-0.02 -0.30%
Volume: 4,380
Dec. 13, 2019 9:30a
P/E Ratio
12.82
Dividend Yield
N/A
Market Cap
$11.62 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 24.98
+0.27 +1.09%
Volume: 637,357
Dec. 16, 2019 10:48a
P/E Ratio
12.42
Dividend Yield
6.41%
Market Cap
$70.04 billion
Rev. per Employee
$908,476
loading...
/zigman2/quotes/203732563/delayed
US : U.S.: OTC
$ 17.03
+0.29 +1.73%
Volume: 74,175
Dec. 13, 2019 3:57p
P/E Ratio
12.02
Dividend Yield
6.41%
Market Cap
$48.15 billion
Rev. per Employee
$690,358
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 24.73
+0.25 +1.02%
Volume: 730,389
Dec. 16, 2019 10:48a
P/E Ratio
13.06
Dividend Yield
7.04%
Market Cap
$87.99 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/206661702/composite
US : U.S.: NYSE
$ 16.81
+0.27 +1.63%
Volume: 721,964
Dec. 13, 2019 6:30p
P/E Ratio
12.62
Dividend Yield
7.10%
Market Cap
$60.42 billion
Rev. per Employee
$830,218
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 39.79
+0.44 +1.12%
Volume: 878,877
Dec. 16, 2019 10:48a
P/E Ratio
16.75
Dividend Yield
4.82%
Market Cap
$198.98 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 54.16
+0.42 +0.78%
Volume: 2.21M
Dec. 13, 2019 6:30p
P/E Ratio
15.95
Dividend Yield
4.91%
Market Cap
$79.74 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 101.41
+0.81 +0.81%
Volume: 148,523
Dec. 16, 2019 10:48a
P/E Ratio
9.24
Dividend Yield
8.85%
Market Cap
$163.35 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 57.72
+0.20 +0.35%
Volume: 1.65M
Dec. 13, 2019 6:30p
P/E Ratio
7.33
Dividend Yield
5.73%
Market Cap
$72.71 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 10.78
+0.06 +0.56%
Volume: 2.10M
Dec. 16, 2019 10:48a
P/E Ratio
7.44
Dividend Yield
3.99%
Market Cap
$33.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 7.35
+0.16 +2.23%
Volume: 10,064
Dec. 13, 2019 3:36p
P/E Ratio
7.15
Dividend Yield
N/A
Market Cap
$22.69 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.59
+0.54 +1.93%
Volume: 283,242
Dec. 16, 2019 10:48a
P/E Ratio
28.03
Dividend Yield
1.12%
Market Cap
$21.51 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286036/delayed
US : U.S.: OTC
$ 19.48
+0.03 +0.15%
Volume: 32,925
Dec. 13, 2019 3:57p
P/E Ratio
26.75
Dividend Yield
1.00%
Market Cap
$14.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207744791/delayed
AU : Australia: Sydney
$ 0.15
+0.0025 +1.67%
Volume: 180,987
Dec. 16, 2019 10:26a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.27 billion
Rev. per Employee
$561,344
loading...
/zigman2/quotes/207088423/delayed
US : U.S.: OTC
$ 0.10
-0.0039 -3.79%
Volume: 800.00
Dec. 13, 2019 1:53p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$835.74 million
Rev. per Employee
$418,632
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 595.70
+15.60 +2.69%
Volume: 124.52M
Dec. 13, 2019 3:00p
P/E Ratio
9.30
Dividend Yield
4.20%
Market Cap
¥7700.22 billion
Rev. per Employee
¥50.52M
loading...
/zigman2/quotes/204507985/delayed
JP : Japan: Tokyo
¥ 170.70
+3.40 +2.03%
Volume: 210.74M
Dec. 13, 2019 3:00p
P/E Ratio
174.25
Dividend Yield
4.39%
Market Cap
¥4328.61 billion
Rev. per Employee
¥60.82M
loading...
/zigman2/quotes/200950467/composite
US : U.S.: NYSE
$ 3.14
0.00 0.00%
Volume: 535,859
Dec. 13, 2019 6:30p
P/E Ratio
161.03
Dividend Yield
3.34%
Market Cap
$39.81 billion
Rev. per Employee
$550,876
loading...
/zigman2/quotes/203522406/delayed
JP : Japan: Tokyo
¥ 2,830.50
+26.00 +0.93%
Volume: 3.48M
Dec. 13, 2019 3:00p
P/E Ratio
12.63
Dividend Yield
5.09%
Market Cap
¥2170.47 billion
Rev. per Employee
¥95.93M
loading...
/zigman2/quotes/203008939/delayed
US : U.S.: OTC
$ 26.05
+0.36 +1.40%
Volume: 936.00
Dec. 13, 2019 2:32p
P/E Ratio
12.92
Dividend Yield
N/A
Market Cap
$19.98 billion
Rev. per Employee
$868,462
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.3690
+0.0320 +0.0293%
Volume: 0.0000
Dec. 15, 2019 7:08p
loading...
/zigman2/quotes/202790240/delayed
JP : Japan: Tokyo
¥ 3,707.00
+22.00 +0.60%
Volume: 1.01M
Dec. 13, 2019 3:00p
P/E Ratio
13.22
Dividend Yield
2.02%
Market Cap
¥1240.08 billion
Rev. per Employee
¥48.88M
loading...
/zigman2/quotes/203486823/delayed
US : U.S.: OTC
$ 37.05
0.00 0.00%
Volume: 0.00
Oct. 1, 2019 4:20p
P/E Ratio
14.49
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
$442,365
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Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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