Asian stock markets drop august 1 2012

Asian stock markets drop august 1 2012 : Asian markets were generally down Wednesday as nervous investors awaited the outcome of a key US Federal Reserve meeting amid low expectations of any new easing measures.

The Asian falls were also spurred by European stock markets sliding into the red on Tuesday as traders fretted about whether the European Central Bank (ECB) would announce decisive monetary policies later this week.

Tokyo was 1.07 per cent lower by the break, Sydney was down 0.21 per cent, Seoul was 0.17 per cent lower and Taipei shed 0.33 per cent.

But Hong Kong was up 0.08 per cent in midmorning trade and Shanghai was 1.06 per cent higher, despite weaker-than-expected manufacturing data for July.

Japan’s Nikkei 225 stock average was down 1 percent at 8,612.69 and Hong Kong’s Hang Seng fell 0.1 percent to 19,781.71. Australia’s S&P/ASX 200 lost 0.2 percent to 4,260. South Korea’s Kospi shed 0.3 percent to 1,875.71.

China’s official purchasing managers’ index weakened marginally to 50.1 in July from 50.2 for the previous month. The Nikkei 225 index at the Tokyo Stock Exchange was down 93.43 points at 8,601.63 in morning trade.

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