Asia Report: Shares fall on Japan tankan survey, Wall St
By Frank Prenesti
Date: Friday 01 Jul 2022
(Sharecast News) - Asia shares were lower on Friday on the back of a lower Wall Street and a quarterly report from Japan's central bank showing weaker business sentiment.
Shares fell in Japan, China, Australia and South Korea. Trading was closed in Hong Kong for a holiday.
The Bank of Japan "tankan" survey, the headline index for large manufacturers came in at 9, down from 14 in the previous quarter and the second straight quarter of declines.
However, a separate survey in China, found factory activity expanded in June at its strongest rate in 13 months following an easing of anti-virus restrictions that shut down Shanghai and other industrial centres.
The monthly Caixin purchasing managers' index rose to 51.7 from 48.1 in May. A number above 50 indicates increasing activity. New orders rose while employment declined for a third month.
Japan's benchmark Nikkei 225 dropped 1.73%, Australia's S&P/ASX 200 was down 0.43%. South Korea's Kospi lost 1%. The Shanghai Composite fell 0.3%, giving up earlier gains.
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