TOKYO: Asian stock markets are in negative territory on Friday following the weak lead overnight from Wall Street. Investors are also treading cautiously as they digested a raft of economic data from Japan and China. Meanwhile,many of the markets in Asia are closed on Friday for the Labor Day holiday.
The latest data from China’sNational Bureau of Statistics showed on Friday that the manufacturing sector in China continued to barely expand in April, with a manufacturing PMI score of 50.1. That beat expectations for 50.0, and was unchanged from the March reading. It also remained just above the line of 50 that separates expansion from contraction.
The bureau also said that its non-manufacturing PMI came in at 53.4 – down from 53.7 but still well into expansion territory.
The Australian market drifted into negative territory and is marginally lower, following the weak cues overnight from Wall Street. However, gains by mining stocks helped to limit the downside.
In late-morning trades, the benchmark S&P/ASX 200 Index is down 18.40 points or 0.32 percent to 5,771.20, while the broader All Ordinaries Index is losing 18.80 points or 0.33 percent to 5,754.90.
In the mining sector, BHP Billiton (BHP) and Rio Tinto (RIO) are advancing more than 1 percent each. BHP Billiton said it has received oil exploration licenses from the government of the Caribbean island of Barbados.
