Asian markets were lower on Friday as traders took a breather after healthy gains in the previous session while Chinese data showed growth in manufacturing activity had slowed.
Wall Street provided a meek lead, with the Dow ending lower after flirting with a record high as investors appeared to take in their stride looming deep US budget cuts due to take effect later in the day.
Tokyo eased 0.22 per cent, Hong Kong fell 0.29 per cent, Sydney was off 0.40 per cent and Shanghai was 0.13 per cent lower. Seoul was closed for a holiday.
China’s official purchasing managers’ index (PMI) showed activity in the crucial manufacturing sector eased to 50.1 last month from 50.4 in January. A reading above 50 indicates growth.
The figures follow HSBC’s preliminary data earlier this week of 50.4, down from 52.3 in January, and suggest the recent pick-up in the world’s number two economy is weaker than initially thought. HSBC’s final figures will be released later Friday.
Shares in the United States ended lower, with the Dow seeing a late sell-off after moving within a few points of its record high seen just before the onset of the global financial crisis.