Most Asian markets dipped and the Australian dollar fell following the latest HSBC/Markit Flash China Manufacturing PMI reading, which fell to 50.3 from an 18-month high of 51.7 in July, Reuters reported. The reading fell short of Reuters’s own forecast of 51.5; meanwhile a HSBC/Markit sub-index measuring new orders fell to a three-month low of 51.3, echoing the three month low hit by the sub-index for output in August. The PMI survey also showed employment fell at a faster pace than in July, indicating more layoffs in the manufacturing sector. China’s cabinet pledged on Wednesday to lower taxes for high-tech companies and cut red tape in its latest bid to help businesses operate.
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