Tokyo: Stocks open 1.67% lower

[TOKYO] Tokyo shares opened 1.67 per cent lower on Wednesday after Wall Street tumbled on weak China data.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange fell 303.88 points to 17,861.81.

In New York, stocks lost nearly three per cent Tuesday after China's official purchasing managers' index fell to its lowest level in three years in August, suggesting the manufacturing sector was contracting.

Losses were especially heavy in shares of banks and oil companies, but the sell-off also extended to tech giants like Amazon and Apple.

At the closing bell the Dow Jones Industrial Average was down 2.84 per cent, while the broader S&P 500 lost 2.96 per cent and the Nasdaq Composite gave up 2.94 per cent.

In the forex market, the dollar was at 119.61 yen in Tokyo, up from 119.51 yen in New York late Tuesday.

The euro traded at US$1.1299 and 135.16 yen, compared with US$1.1313 and 135.20 yen in US trade.

AFP