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Shanghai, Hong Kong hit by China data but Tokyo soars again

Shanghai ended 1.8% lower and Hong Kong lost 0.6% in the afternoon of February 1, 2016Shanghai and Hong Kong stocks fell Monday after a gauge of Chinese factory activity hit a more than three-year low, but the Nikkei soared on lingering euphoria from Japan’s decision to slash interest rates to negative. In another example of weakness in China’s economy, the official Purchasing Managers Index (PMI) showed the country’s key manufacturing sector shrank for the sixth straight month in January and was now at its weakest since August 2012. “The manufacturing sector will likely face a tough year ahead on the back of overcapacity, weakening global demand, and the government’s plans to tackle pollution,” ANZ economists Liu Ligang and Louis Lam said in a report.

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