Trading in Asia was lackluster Thursday, as investors grew more wary about a multiweek stock rally that is rapidly losing steam, according to The Wall Street Journal. Hong Kong’s Hang Seng Index was down 0.5%, while the Shanghai Composite Index was down 0.3%. Australia’s S&P/ASX 200 was roughly flat. Investors were mostly focused on data showing that Chinese services activity expanded in April, according to a private gauge, albeit at a slower pace than in March. The Caixin China services purchasing managers index slipped to 51.8 in April from 52.2 in March. A reading above 50 indicates an expansion.
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