Asian Stocks Drop Amid New Indications of China’s Weakness – Asia Market Wrap

Stocks in Asia slumped on Friday after data from China revealed new economic weakness and traders reviewed the road forward for US interest rates.

A regional equities index fell for the first time in six sessions, with stocks in mainland China, Australia, and South Korea falling and Japanese shares rising.

The changes came after a disappointing day on Wall Street and additional evidence of stress in the world’s second-largest economy. Home sales in China declined quicker in April than the previous month, and spending unexpectedly decreased, raising a new danger flag for the economy.

Hong Kong’s Hang Seng Index fluctuated between gains and losses near a nine-month high, with strong earnings supporting Alibaba and Baidu US market futures were little changed following a modest dip in the S&P 500 and Nasdaq 100 on Thursday.