Asian stocks maintain losses after china factory data

Asian markets were trading broadly lower in the morning hours of Wednesday's session, after the latest economic indicator from China pointed to renewed weakness in the world's second-biggest economy.

Sharp losses on Wall Street overnight were quickly reflected in Asian markets on Wednesday, as traders continued to place bets on a US rate hike occurring before the turn of the year.

Chinese manufacturing activity contracted for the seventh month in a row in September. The Caixin-Markit China Manufacturing Purchasing Managers' Index (PMI) to fell from 47.3 in August to a preliminary 47.0 in September, while analysts expected a reading of 47.5.

Japanese markets were closed for the third day in a row on Wednesday, with the nation celebrating Autumnal Equinox Day today.

Hong Kong's benchmark Hang Seng index slumped 2.19% to 21,319.22 points after the manufacturing release, while mainland China's benchmark Shanghai Composite was down 1.10% at 3,150.67 points, and Korea's benchmark Kospi index fell 0.88% to 1,964.52 points.

The benchmark Australian S&P/ASX 200 index shed 1.77% to trade at 5,013.40 points in Sydney on Wednesday afternoon, with resource stocks weighing down hardest on the index.

New Zealand's benchmark S&P/NZX 50 index was little down at 5,694.57 points this afternoon in Wellington.