Asian stocks traded mixed early Friday, pressured by a sell-off on Wall Street overnight and as investors reacted to a batch of economic data from Japan and China. The mainland's official Purchasing Managers' Index (PMI) held steady at 50.1 in April, while the official services PMI fell to 53.4, from 53.7 in the preceding month. However, trading volumes are set to be light on the final trading day of the week as most markets in the region are closed for the Labor Day holiday.
Overnight, US equities suffered heavy losses, led by a 1.6 percent plunge in the Nasdaq Composite amid weak earnings from tech and biotech plays. With the blue-chip Dow and the S&P 500 index shaving off 1 percent each, all three indexes finished below their 50-day moving averages on Thursday.
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