ASIAN shares have closed mixed following data showing that Chinese manufacturing activity shrank further in July, adding to mounting concerns about the world's second-biggest economy.
Profit-takers also weighed on bourses following the previous day's regional rally, although the Dow provided another record-breaking lead.
Tokyo on Wednesday slipped 0.32 per cent, or 47.23 points, to 14,731.28 and Shanghai was down 0.52 per cent, or 10.55 points, at 2,033.33. Hong Kong added 0.24 per cent, or 53.51 points, to 21,968.93.
But Sydney rose 0.36 per cent, or 18.0 points, to 5,035.1 and Seoul finished 0.42 per cent higher, adding 7.93 points to 1,912.08.
HSBC's preliminary Purchasing Managers' Index (PMI) of Chinese manufacturing activity fell to 47.7 in July - an 11-month low - from a final reading of 48.2 in June.
A figure above 50 points to growth while anything below shows a contraction.
"The lower reading of the July HSBC Flash China Manufacturing PMI suggests a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking," HSBC economist Qu Hongbin said in a statement.
The result is the latest in a series of data suggesting previous double-digit growth rates in China are a thing of the past as Beijing looks to shift its growth engine from exports to domestic consumption.
Shanghai at one point tumbled more than one per cent, but it pared those losses towards the end of the day.
The market had climbed almost two per cent on Tuesday after a report that Premier Li Keqiang had said economic growth should not be allowed to fall below seven per cent. The comments suggested the government would be willing to step in with support should the economy look to be in trouble.
HSBC's Qu added: "As Beijing has recently stressed to secure the minimum level of growth required to ensure stable employment, the flash PMI reinforces the need to introduce additional fine-tuning measures to stabilise growth."
On Wall Street, the Dow was up 0.14 per cent to yet another record high, although the S&P 500 gave up 0.19 per cent and the Nasdaq slid 0.59 per cent.
US shares were hit by a mixed bag of corporate earnings, although a surprisingly downbeat manufacturing report reinforced expectations the Federal Reserve would hold off winding down its stimulus anytime soon.
In Asian forex trading, the US dollar bought Y100.00 compared with Y99.48 in New York late on Tuesday, while the euro fetched $US1.3237 and Y132.39, against $US1.3222 and Y131.53.
In oil markets New York's main contract, West Texas Intermediate for delivery in September, was up 17 US cents at $US107.40 a barrel and Brent North Sea crude for September delivery shed 22 US cents to $US108.20.
Gold cost $US1,340.09 per ounce at 1800 AEST, compared with $US1,328.50 late on Tuesday.
In other markets:
- Wellington rose 0.51 per cent, or 18.61 points, to 4,599.20.
Telecom was up 0.86 per cent at $NZ2.35 and Contact Energy rose 0.55 per cent to $NZ5.50.
- Manila rose 0.90 per cent, or 60.95 points, to 6,804.16.
- Taipei fell 0.22 per cent, or 18.46 points, to 8,196.19.
Taiwan Semiconductor Manufacturing Co put on 2.0 per cent to $Tw102.0, while smartphone maker HTC fell 2.85 per cent to $Tw170.5.
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