HONG KONG: Asian stocks were mixed in early trade Monday after conflicting Chinese manufacturing data, and as European central bank chief Mario Draghi predicted a "very gradual recovery" in the eurozone to start later this year.
Tokyo was down 2.17 percent by the break, continuing volatile trading after rising Friday following several sharp drops.
Hong Kong was up 0.27 percent, Shanghai rose 0.24 percent, Seoul was down 0.14 percent and Sydney was flat, edging up 0.09 percent.
The movements came after data released Saturday showed manufacturing activity in China unexpectedly rebounded in May from the previous month.
The purchasing managers' index (PMI) grew to 50.8 in May, from 50.6 the month before, according to the National Bureau of Statistics, pointing to a stabilisation in the world's second largest economy.
However, according to figures from British bank HSBC Monday, manufacturing activity fell to an eight-month low in May. It said the PMI fell to 49.2 in May, down from 50.4 in April.
A reading above 50 indicates expansion while anything below that points to contraction.
Markets were also eyeing a financial conference in Shanghai, where Draghi said the ECB expected a recovery in the debt crisis-hit eurozone to start later in the year.
