Weakness in Chinese companies helped the Hang Seng Index in Hong Kong fall 0.9% to 22890.60.
The biggest moves so far have been in Hong Kong, with the Hang Seng China Enterprises Index, which tracks Chinese companies listed in the city, down 8.8% so far this year.
For one thing, the consumer price index has been signaling lower Chinese inflation in the months ahead.
There was some more weak economic data coming out of China overnight, as the Chinese non-manufacturing purchasing managers index fell in September, while consumer sentiment also weakened last month.
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The Bloomberg China-U.S. Equity Index, which tracks the hotly traded Chinese ADRs, recently advanced 1.1% in New York to hit a 9 day high of 105.70.
Last week, the Chinese government released the official Purchasing Managers Index showing that after a slow down in February, industry is firing on all four cylinders again.
Beijing has launched a firework safety index during the upcoming Chinese New Year holidays that advises against setting off fireworks and firecrackers in poor weather conditions, China Daily reports.
The initial results from HSBC's January Purchasing Managers' Index survey of Chinese manufacturers showed activity there contracting, though at a slightly slower pace than in December.
When this hedging can't be accomplished perfectly, as in the case of some individual Chinese bank, Goldman offsets its position with an index of several Chinese banks.
In Hong Kong, where many foreign investors make their bets on Chinese themes, the Hang Seng Index has surged 18.5%.
In recent months, for instance, the widely followed Shanghai Composite Index has risen whenever investors have thought that Chinese officials would intervene to pump up the economy and has fallen whenever they, contrary to expectations, have not done so.
The Chinese market had its best day in two months, and the chart of the Shanghai A Share Index is starting to look more interesting.
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