Asian Stocks Decline After Manufacturing Data Clouds Fed Outlook

Asian stocks declined, led by technology and material companies, after U.S. manufacturing unexpectedly contracted, clouding the outlook for the Federal Reserve’s interest-rate outlook.

The MSCI Asia Pacific Index slipped 0.1 percent as of 5:51 p.m. in Hong Kong, with trading maintained in a range between gains and losses of 0.3 percent. The Institute for Supply Management’s index of U.S. manufacturing dropped to 48.6, the lowest level since June 2009, as elevated inventories led to cutbacks in orders and production.