Asian shares extended losses on Thursday after data indicated little respite for Chinese manufacturers, suggesting growth in the world’s second-largest economy slowed further in the third quarter.

The MSCI’s broadest index of Asia-Pacific shares outside Japan extended losses to be down 0.7 percent on the day after the HSBC flash purchasing managers’ index was released. It had been down 0.5 percent before the data.

Australian shares were down 0.5 percent and the Australian dollar slipped to $1.0432 from around $1.0456 before the data.

Hong Kong and Shanghai shares briefly extending losses after the PMI was published, although they picked up again. The indexes were down 0.5 percent and 1.06 percent respectively on the day, little changed from levels before the PMI was released.

The HSBC flash PMI ticked up to 47.8 in September from a nine-month low in August of 47.6. Since the index remained below 50, it indicated the sector was still contracting. An output index hit its lowest level in 10 months.

This is a sign the slowdown in Chinese manufacturing activity is halting and stabilising, said Hirokazu Yuihama, a senior strategist at Daiwa Securities.

Market reactions may suggest they want to see some sort of steps to support the economy from authorities, which are seen as slow to take action, he said.

The data underlined expectations that growth in the world’s second-biggest economy probably eased for the seventh straight quarter in the third quarter. It reinforced concerns of softening demand from the world’s top consumer of many raw materials, weighing on risk sentiment broadly.