Asian markets plunge ignited by weak Chinese data

Asian markets plummeted Monday as China reported weak factory activities in October, fueling global growth concerns. Official figures showed the Caixin purchasing manager's index ended at 48.3 from 47.2 in September. The MSCI Asia Pacific Index tumbled 0.6%, while Japan's Nikkei retreated 1.7%. Hong Kong's Hang Seng China Enterprises Index slipped 0.4%. The Shanghai Composite Index lost as much as 1.6% to trade 0.1% higher. Global market woes ignited selling while the market became vulnerable to “profit-taking from last week's gains,” said Hikaru Sato, Senior Technical Analyst at Daiwa Securities.

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