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ADR REPORT-Asian stocks slump after weak China factory data
NEW YORK, Sept 20 |
NEW YORK, Sept 20 (Reuters) - U.S.-listed shares of Asian companies fell on Thursday after data showed China's manufacturing sector continued to shrink, casting doubt on the strength of global demand.
Manufacturing in China contracted for an 11th straight month in September, according to a private-sector survey of factory managers, indicating the world's second largest economy is on track for a seventh quarter of slowing growth.
Mainland Chinese shares sank to their lowest levels since early 2009 in the overnight session. Shares of big Chinese companies traded in New York tracked that weakness. Baidu Inc fell 2.4 percent to $111.36.
Tokyo's Nikkei average shed 1.6 percent, giving up the previous session's sharp gain. Shares of major Japanese exports fell. Sony Corp dropped 3.2 percent to $12.86.
The Bank of New York Mellon's county indexes were among the weakest. Chinese stock traded in the U.S. fell 1.5 percent while Japanese shares dropped 1 percent.
The weakness in Asia fed through into the rest of the market. The BNY Mellon index of leading American depositary receipts fell 0.8 percent, while the Standard & Poor's 500 index lost 0.2 percent.
In Europe, Markit's composite euro zone purchasing managers index fell to 45.9 in September from 46.3. The reading fell below the 50 level that separates contraction and growth. Markit said the data suggested the euro zone economy could shrink by roughly 0.6 percent in the soon-to-be-ended third quarter.
The weak Chinese data pressured European mining stocks. Shares in BHP Billiton fell 2.3 percent to $63.39.
The BNY Mellon index of leading European ADRs fell 0.8 percent, while the FTSEurofirst 300 index of top shares closed down 0.1 percent.
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