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Asian stocks ended broadly lower on Friday amid growth worries, as a slew of surveys showed regional manufacturing activity stalled in June and many companies were hit by supply disruptions caused by China’s strict COVID-19 lockdowns.<\/p>\n
China’s Shanghai Composite index closed 0.32 percent lower at 3,387.64 despite update factory activity data from a private survey. <\/p>\n
The Caixin\/Markit manufacturing Purchasing Managers’ Index for June rose to 51.7 from 48.1 last month. Markets in Hong Kong were closed for a holiday.<\/p>\n
Japanese shares ended at a near two-week low after the Bank of Japan’s quarterly tankan business<\/span> sentiment survey showed sentiment among the country’s large manufacturers worsened in the April-to-June period. <\/p>\n Dismal manufacturing and unemployment data also stoked concerns about the economic outlook. The Nikkei average fell 1.73 percent to 25,935.62, extending losses for a third straight session on worries about a possible recession in the United States. The broader Topix index closed 1.38 percent lower at 1,845.04.<\/p>\n Heavyweight Fast Retailing lost 4 percent while tech shares such as Advantest, Screen Holdings and Tokyo Electron fell 3-4 percent. Travel-related stocks ended broadly lower after a sharp rise in COVID-19 cases in Tokyo. <\/p>\n Mitsubishi Corp and Mitsui & Co both fell over 5 percent as Russia moved to create a firm which will take over all rights and obligations of the Sakhalin Energy Investment Company amid Western sanctions.<\/p>\n The two Japanese trading companies and Shell Plc hold just under a 50 percent stake in Sakhalin Energy Investment Co.<\/p>\n Seoul stocks ended lower for a third day to hit a 20-month low after the release of weak data. South Korea’s trade deficit hit a record high in the first half of the year, while manufacturing activity expanded at a slower pace in June, separate reports revealed. <\/p>\n The Kospi average slipped 1.17 percent to settle at 2,305.42 with chipmakers and chemical stocks leading losses.<\/p>\n Market heavyweight Samsung Electronics dropped 1.4 percent to reach a fresh 52-week low while SK Hynix and LG Energy Solution both lost around 4 percent. <\/p>\n Australian markets<\/span> ended modestly lower as falling commodity prices pulled down mining and energy stocks. <\/p>\n The benchmark S&P\/ASX 200 dipped 0.43 percent to 6,539.90, extending losses for a third session. The broader All Ordinaries index closed 0.39 percent lower at 6,720.40.<\/p>\n Miners BHP, Rio Tinto and Fortescue Metals Group dropped 2-3 percent while energy stocks such as Santos and Woodside Energy lost 3-4 percent. Fintech firm Openpay surged almost 21 percent after saying it would exit the U.S. market. <\/p>\n The Reserve Bank of Australia meets on Tuesday and analysts expect the central bank to lift the cash rate by another 50 basis points.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX 50 index fell 1.06 percent to 10,753.16, extending losses for a third straight day. <\/p>\n U.S. stocks fell overnight to wrap up a grueling second quarter after data showed U.S. household spending slowed in May amid historically high inflation and elevated interest rates.<\/p>\n The S&P 500 dropped 0.9 percent, bringing its losses for the first half of the year to 21 percent. The Dow dipped 0.8 percent and the tech-heavy Nasdaq Composite fell 1.3 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n