Asian stocks were mixed Wednesday on low volumes after a disappointing US manufacturing report reignited concern about global economic growth. The yuan edged up after a stronger-than-forecast daily currency fixing.

Most Japanese shares dropped, along with those in Australia, while Chinese equities opened little changed. Shares in Hong Kong, South Korea and Taiwan climbed.

S&P 500 futures edged up with Treasury yields after US equities retreated and bonds rose overnight. The dollar was little changed. Australia’s dollar climbed after growth came in line with estimates, easing fears of a further deterioration in the outlook.

The Institute for Supply Management’s US purchasing managers index fell below 50 in August, indicating a contraction in US manufacturing and joining a slew of weak readings for factories across the globe. The data caused traders to boost bets on deeper rate cuts by the Federal Reserve this year.