China’s Shenzhen Component Index led losses in mixed Asia-Pacific trade on Wednesday after a negative lead from Wall Street, and as investors assimilate data on Chinese factory activity.

The Shenzhen component in mainland China lost 1.295% to 11,815.79, and the Shanghai Composite in mainland China fell 0.78% to 3,202.14.

China’s official manufacturing purchasing managers’ index for August slightly beat expectations, coming in at 49.4, official data showed. The non-manufacturing PMI was at 52.6. Major cities in China, including Dalian and Shenzhen, have also tightened Covid restrictions on Tuesday.

Hong Kong’s Hang Seng index pared earlier losses and traded up 0.11% in the last hour of trading, while the Hang Seng Tech index gained 0.84%.

The Nikkei 225 in Japan fell 0.37% to 28,091.53, and the Topix index slipped 0.27% to 1,963.16. Australia’s S&P/ASX 200 fell 0.16% to 6,986.80.

In South Korea, the Kospi traded up 0.86% to close at 2,472.05 while the Kosdaq rose 1.26% to 807.04. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.28%.

Overnight on Wall Street, major stock indices fell for a third straight session.

The S&P 500 fell 1.1% to 3,986.16, falling below the 4,000 level for the first time since July. The Nasdaq Composite fell 1.1%, to close at 11,883.14, and the Dow Jones Industrial Average fell 308.12 points, or nearly 1%, to 31,790.87.

“Equity markets continued to be impacted by expectations that central banks will keep their foot on the accelerator in terms of rate hikes,” Brian Martin and Daniel Hynes of ANZ Research wrote in a note on Wednesday.

On Tuesday in the United States, New York Federal Reserve Chairman John Williams said he sees rates rising further and staying at those levels until inflation is brought under control.

– CNBC’s Tanaya Macheel, Jesse Pound and Jeff Cox contributed to this report.