Beijing, China (BBN)-Asian markets continued to fall on Wednesday, with Shanghai opening down more than 4 per cent amid continuing worries about China’s growth.
On Tuesday, data suggesting China’s manufacturing sector was shrinking at its fastest pace in three years ignited a global market sell-off, resulting in US stocks closing down nearly 3 per cent, reports BBC.
The Shanghai Composite recovered some ground to trade down 3.6 per cent to 3,054.17.
Hong Kong’s Hang Seng index was lower by 1.7 per cent to 20,818.22 in early trade.
Chinese markets close on Wednesday evening for a two-day holiday to commemorate the end of World War Two.
Mainland Chinese stocks have lost nearly 40 per cent of their value since June, despite attempts by the government and regulators to prop up the market.
Meanwhile, data showing US factory activity fell to a more than two-year low in August added to the already grim sentiment among investors.
Crude oil futures also continued downwards after an 8 per cent fall in US trade, amid concerns about slowing demand from China.
Japan’s benchmark Nikkei 225 index was up 0.8 per cent to 18,296.67 after leading the region’s losses in the previous session, down nearly 4 per cent.
Australia’s S&P/ASX 200 was lower by 1.2 per cent at 5,036.60 points as economic growth figures for the second quarter came in below expectations.
The economy expanded 0.2 per cent from the previous quarter and was up 2 per cent compared with the same period last year.
Economists were expecting quarterly growth of 0.4 per cent while the annual rate was forecast to be up 2.2 per cent.
In South Korea, shares were also lower after government data showed exports fell 4.3 per cent in July, while imports rose 0.7 per cent.
That led the current account surplus to fall to $9.5bn (£6.2bn) in seasonally adjusted terms from a record high of $10.7bn in June.
The benchmark Kospi index was down 0.3 per cent at 1,908.50.