Asian shares under pressure as fear of Chinese slowdown looms
Asian shares dipped on Monday as emerging markets continue to struggle, with factory growth in China falling to a six-month low.
China's purchasing managers' index (PMI) fell to 50.5 in January from December's 51, in line with analysts expectations.
This follows last week's drop in China's HSBC PMI index to 49.5 in January from 50.5 in December, the first drop below 50 since August.
The National Bureau of Statistics and China Federation of Logistics and Purchasing showed jobs and export orders shrinking, raising fears China's slowdown may be more rapid than previously thought.
However, analysts noted that the Lunar New Year holiday, which commenced on January 31, probably had a negative impact on output due to the closure of factories over the holiday period.
Japan's Nikkei fell 1.5 per cent, taking it to lows not seen since November, while Seoul's Korea Composite Stock Price Index lost one per cent.