ASIA STOCKS fell, despite China data

Asian stocks edged lower on Monday, losing earlier gains prompted by an upbeat reading in China’s service sector. 

Much of the region started the day higher on signs of growth in China’s services sector, as the official Non-Manufacturing Purchasing Managers’ Index rose to 56.3 in October. The measure was the highest reading in 14 months. 

But the effect of the data was short-lived, as the region dropped lower ahead of a number of major events that could affect markets. The big event for Asia will be the upcoming key meeting of China’s Communist Party, where the new leadership is expected to discuss the reform agenda. In terms of global news, investors are anticipating the U.S. labor report, due out on Friday. 

Hong Kong’s Hang Seng Index was down 0.1%, and the Shanghai Composite fell less than 0.1% 

Australia’s S&P ASX 200 dropped 0.2%, and South Korea’s Kospi lost 0.5%. In Singapore, the Straits Times Index managed to rise 0.1%. 

In Japan markets were closed on Monday for a public holiday. 

Earnings season continued in Australia, with Westpac Banking Corp. fell 1.2% after the country’s second-largest bank by market value reported a fiscal-year profit that beat expectations, as well as issuing a special dividend, though this was offset by a pre-prevision operating profit that undershot forecasts. 

Also in Sydney, Coca-Cola Amatil dropped 4.8% after warning that its fiscal-year earnings before interest and tax would be down between 5% and 7%. 

HSBC Holdings PLC edged up 0.2% ahead of the banking firm's results. 

In the oil group, shares of China Petroleum & Chemical Corp., or Sinopec , moved up 0.7% as firm has won initial approval to build a $10 billion refinery in Shanghai.

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