Investing.com - Asian shares were narrowly mixed on Tuesday in a busy data day that saw downbeat PMI readings out of China and the Reserve Bank of Australia hold rates steady at 2%.
The Nikkei 225 fell 0.31%, while the Shanghai Composite Index was last up 0.28% after falling earlier by 0.70%. Hong Kong's Hang Seng Index was up 0.58%. The S&P/ASX 200 gained 0.54%. The yuan rose against the dollar after the People's Bank of China set the parity fixing at 6.5385.
China's Caixin PMI for February came in at 48, below the 48.3 expected and last month's level of 48. A figure below 50 suggests contraction.
Earlier in China, the semi-official manufacturing PMI for February fell to 49, weaker than the 49.3 expected and last month's 49.4 level, while the non-manufacturing PMI came in at 52.7, below the last reported at 53.5.
For the China Federation of Logistics and Purchasing manufacturing it was its weakest level since November 2011.
The CFLP said in an accompanying statement that production, new orders and amount of purchase fell sharply in February because of the week-long Chinese New Year holiday.
"Input prices for iron and steel and non-ferrous metal industries saw marked increases. If the recovery momentum becomes a trend, it will help to improve companies profitability and further boost production," said the CFLP.
The CFLP also noted a spike in the sub-index measuring business expectations, jumping to 57.9 in February from 44.4 in January, suggesting strong confidence by Chinese companies over the future outlook.
Earlier in Japan, household spending data for January fell 3.1%, more than the expected drop of 2.7% year-on-year.
As well, the unemployment rate for January fell to 3.1%, better than the steady 3.3% seen and fourth quarter capital spending rose 8.5%, less than the 8.8% gain expected.
Later, the manufacturing PMI is due and seen at 50.2 for February, unchanged from the previous month.
In Australia, the AIG manufacturing index for February came in at 53.5, up from 51.5 previously.
Also, building approvals for January dropped 7.5%, well below the expected a 2.0% fall month-on-month. And the current account deficit came in at A$21.1 billion, wider than the $20 billion seen for the fourth quarter, while data on private house approvals showed a drop of 6.0%.
Earlier, in New Zealand, the fourth quarter terms of trade index fell 2.0% quarter-on-quarter, compared to a drop of 3.7% previously.
Overnight, U.S. stocks fell moderately on Monday reversing territory late in the session, as oil pared some of its gains in the final hour of trading and investors reacted to a surprising easing measure from China aimed at bolstering persistently slow economic growth.
While the major indices ended February relatively flat for the month, U.S. equities have still recovered nicely from a horrendous opening to the year, as crashing stocks in China and plunging oil prices dampened investor sentiment worldwide. U.S. crude futures jumped 3% on Monday, finishing the session at their highest closing level in a month, after Saudi Arabia provided assurances it will cooperate with other top producers to stabilize a market beset by a glut of oversupply and extreme volatility. The People's Bank of China, meanwhile, lowered its Reserve Requirement Ratio for commercial banks for the fifth time in a year on Monday in an effort to ease liquidity in its struggling banking sector.
Although the Dow Jones Industrial Average fell 123.47 or 0.74% to 16,516.50 on Monday, the Dow still closed the month up by more than 50 points continuing its rally from late-January. The same could not be said for the NASDAQ Composite index, which ended February down by mere percentage points after losing 32.52 or 0.71% on Monday to close at 4,557.95.
The S&P 500 Composite index, meanwhile, dropped 15.82 or 0.81% to 1,932.23, as nine of 10 sectors closed in the red. Stocks in the Health Care and Energy sectors lagged, each falling by more than 1%. For the month, the S&P 500 also closed fractionally lower, inching down from its level of 1,936.94 on February 1. The S&P 500 closed lower for the third straight month, a streak that last occurred in 2011.