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Asia Markets Off Badly, China PMI Weak

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By Douglas A. McIntyre Updated Published
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In an odd reversal of fortune, shares of stocks in what was the hyper-hot growth market of China have sold off sharply recently while the recession-plagued markets of the developed world are up. As U.S. markets reach multiyear lows, the Shanghai Composite and Hang Seng have moved toward recent lows. The worry that China will join the rest of the world in a slowdown is reflected in the direction of its markets.

The Shanghai Composite was down overnight to 2,025. That is a single-day drop of 2.1%. In one year, the market is down 20% against a 20% rise in the S&P 500. Joining the Shanghai Composite Hong Kong’s Hang Seng was down to 20,597 — a drop of 1.1%. Some of the cause of this is likely to be disputes over islands with Japan, which have caused a great deal of geopolitical tension in the region. The Nikkei dropped 1.6% to 9,087. Yesterday, the Bank of Japan set new easing to help revive the slowing of the world’s third largest economy by gross domestic product.

There was one other bit of bad news. The HSBC PMI numbers for China rose to 47.8 from 47.6 in August. A number below 50 signals contraction.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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