Asian share markets stumbled on Monday and the Australian dollar took a hit after disappointing news on Chinese manufacturing underlined the need for further policy stimulus in the world's second biggest economy. The HSBC/Markit Purchasing Managers' Index (PMI) fell to 48.9 in April - the lowest level since April 2014 - from 49.6 in March, as demand faltered and deflationary pressures persisted.
"The PMI data indicates that more stimulus measures may be required to ensure the economy doesn't slow from the 7 percent annual growth rate seen in Q1.” The Australian dollar, often used as a proxy for China risk, fell a quick 20 ticks to $0.7812, though upbeat data at home helped put a floor under it. Shanghai shares were off 0.6 percent, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.3 percent. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2 percent.
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