By Amanda Kaiser
with contributions from Casey Hall
 on May 3, 2016

Asian shares ended mixed on the back of disappointing economic data out of China.

Shanghai’s SSE gained 1.9 percent to close at 2,993 yen while Hong Kong’s Hang Seng fell 1.9 percent to end at 20,677. Tokyo’s market was closed for a national holiday after tumbling 3.1 percent on Monday.

China’s official April PMI came in at 50.1, lower than expected. (A reading of above 50 indicates expansion, below 50 is a contraction.) Also on Tuesday, the Caixin Manufacturing PMI fell to 49.4 in April from a March reading of 49.7. The Caixin index specifically measures the output of small and medium-sized factories.

Chow Tai Fook fell 1.1 percent to finish at 5.34 Hong Kong dollars while Esprit shed 1.8 percent to end at 6.68 Hong Kong dollars. Global Brands lost 2.2 percent to 90 Hong Kong cents. Li & Fung fell 1.3 percent to 4.75 Hong Kong dollars. On Tuesday, the company said it was selling its consumer, health-care business for $350 million.

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