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Asian stocks follow Wall St lower on weak US services data

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BEIJING (AP) — Asian stock markets followed Wall Street lower Wednesday after U.S. services activity weakened.

Market benchmarks in Tokyo, Hong Kong and Seoul declined. Shanghai swung between gains and losses.

Overnight, Wall Street’s benchmark S&P 500 index broke a seven-day streak of record closes and fell after the Institute of Supply Management reported service industry activity grew in June at a slower rate than forecast.

The “disappointing drop” suggests the U.S. economic recovery “is not immune” to global pockets of resurgence of the coronavirus, said Mizuho Bank in a report.

The Nikkei 225 in Tokyo sank 1% to 28,363.82 and the Hang Seng in Hong Kong lost 0.7% to 27,881.92.

The Shanghai Composite Index was up 0.2% at 3,535.34 at mid-morning after China’s Cabinet announced it would impose stricter data security and other standards on Chinese companies that want to join foreign stock exchanges.

The announcement, at a time when Beijing is…

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