Asian shares set for worst month since Feb on China gloom

SYDNEY: Asian shares were set for the worst month since February, with sentiment hurt by still-gloomy China factory activity, while investors were also cautious ahead of a barrage of US data that could add to bets that interest rates have peaked.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1% but was still headed for a monthly loss of 5.9%, the largest since February. Japan’s Nikkei gained 0.5%, bringing its monthly loss to 2%.Data on Thursday showed China’s manufacturing activity contracted for a fifth straight month in August, and the expansion in services sector lost a little momentum. Chinese blue-chips were flat but a 2.5% rebound in property stocks boosted Hong Kong’s Hang Seng Index, which rose 0.7%.

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