Australia’s stock market is down more than 1% after poor data came in from China and set the new financial year off to a negative start.
Earlier today the HSBC Flash China PMI came in at a nine-month low. Data from China was also released that showed economic activity was barely growing in Asia’s largest economy.
The ASX200 was down 1.3% or 63.7 points at 1:41 PM this afternoon.
Australia’s political uncertainty could also be taking its toll.
“With all these kinds of inputs we are kind of going from nowhere to backwards,” RBS Morgan’s senior private client adviser Bill Chatterton told AAP.
“It has been made murky now that don’t know when the election date is.”
Now read: CHINA’S HSBC PMI FALLS TO A 9-MONTH LOW
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