Poor Chinese economic data subdues indices

Nikkei:8,835.52 (–152.87) Hang Seng:19,369.96 (–494.91) Shanghai Comp:2,470.02 (+1.77)

ASIAN STOCKS were hit yesterday by renewed concerns over the euro zone and weaker than expected Chinese manufacturing data.

The FTSE Asia Pacific index slipped 2.1 per cents.

Australia’s mining and resource stocks dipped on fears a slowdown in China, the biggest consumer of Australian raw materials, would crimp demand.

Among the biggest fallers were Iluka Resources, down 5.2 per cent to A$15.36 and Paladin Energy, which lost 5 per cent to A$1.43.

Sony announced a major reorganisation of its television manufacturing business to stem losses at the unit. Its shares slid 6.3 per cent to ¥1,576.

TV producing rival Panasonic fell 5.1 per cent to ¥768 after saying it expected to post its biggest annual net loss in a decade.

Shares in Suzuki Motor fell 4.5 per cent to ¥1,618.

Banking sector losses accounted for much of the weight with Nomura falling 3.3 per cent to ¥294.

In Hong Kong Bank of Communications fell 5.3 per cent to HK$5.15. – (Copyright The Financial Times Limited 2011)