Data points drag Asian stocks lower; Nikkei down 0.68%

A spate of data points out Wednesday sent Asian stocks lower, a day after U.S. equities did the same. 

In Asian trading Wednesday, Japan’s Nikkei 225 fell 0.68% after Japan’s Composite Output Index fell to 52.3 last month from 54.1 in May. 

"At 52.1, the index signalled a solid increase in service sector output. However, by falling from May’s record high of 54.8, the rate of growth implied by the index was slower than during the previous month. Continued growth of service sector activity was accompanied by a fourth consecutive monthly rise in manufacturing output," according to a statement by Markit Economics. 

Hong Kong’s Hang Seng dropped 1.49% while the Shanghai Composite shed 1.50% after the China Federation of Logistics and Purchasing said the country’s official non-manufacturing Purchasing Managers' Index fell to 53.9 in June from 54.3 in May. The business expectations sub-index slipped to 61.8 from 62.9. 

Readings above 50 indicate expansion. The data is based on survey responses from executives at 1,200 non-manufacturing firms in 27 industry groups. 

Australia’s S&P/ASX 200 dropped 1.4% the Australian Bureau of Statistics said that Australian retail sales rose 0.1% last month after falling 0.1% in May. Analysts expected a June increase of 0.3%. Materials and consumer discretionary names were among the laggards in Sydney. 

New Zealand’s Straits Times Index inched lower by 0.10%, making it one of the region’s steadier performers Wednesday. 

South Korea’s Kospi dropped 1.08% while Singapore’s Straits Times Index tumbled 1.36%. Earlier this week, Goldman Sachs said it sees the Straits Times Index advancing 19% through next March. 

S&P 500 futures fell 0.19%. Wednesday is a half trading day in the U.S.