Asian stocks declined while many regional markets were closed for a holiday. In contrast, US stocks concluded their most challenging month since September.
In Tokyo, the Nikkei 225 index dropped by 0.8% to 38,089.09 in early trading following a slight improvement in Japan’s factory activity. The manufacturing purchasing managers’ index from au Jibun Bank increased to 49.6 in April from 48.2 in March, indicating a milder contraction in manufacturing.
A PMI reading below 50 suggests a contraction in the sector, while a reading of 50 indicates no change.
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The yen remained weak. On Wednesday, the US dollar climbed to 157.89 Japanese yen from 157.74 yen.
Australia’s S&P/ASX 200 fell by 1.2% to 7,574.20. Other markets in the region were closed due to the Labor Day holiday.
In the US, the S&P 500 fell by 1.6%, marking its first decline in six months. The index experienced a sharp reversal in April, dropping by as much as 5.5% after reaching a record high at the end of March.
The Dow Jones Industrial Average decreased by 1.5%, and the Nasdaq Composite index declined by 2%.
Yields on benchmark 10-year US Treasury bonds increased to 4.68% from 4.61%, following recent data releases on employee wages and benefits.
