Manufacturing is in decline across the Asia-Pacific region,according to the latest data.In Japan,the Tankan index of large manufacturer sentiment fell to -3 from -1,the Bank of Japan reported,and there was a second straight decline of industrial production in August.
HSBC's purchasing mangers' index showed 11 straight months of manufacturing decline in China,while the official Chinese PMI charted the second straight monthly drop on diminished internal and external demand.In South Korea,exports fell 1.8% in September.
Australia is also slowing down,with its manufacturing index slipping 1.2 to 44.1,meaning contraction,in a seventh straight month of decline.China's economic growth is at a 22-year low.The European debt crisis and fears about the US economy are crimping Asian business activity.
The MSCI Asia-Pacific index fell 0.28% in early Monday trading.Markets in Hong Kong,Shanghai and Seoul were closed for holidays.
The Chinese Communist Party will hold its 18th Party Congress on November 8.At that time,new leaders Xi Jingping and Li Keqiang will take office as President and Premier,respectively.
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