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With the U.S. debt ceiling saga nearly over, the state of the global economy hoves back into view - with contrasting interest rate pictures that saw the dollar climb across the board. A deepening contraction of Chinese factory activity this month casts more doubt over the spluttering recovery of the world's second largest economy, while Europe saw some inflation relief as French and German readouts for May mirrored the surprising drop in Spanish inflation seen earlier this week. China's official manufacturing purchasing managers' index unexpectedly fell to 48.8 from 49.2 in April, staying below the 50-point mark that separates expansion from contraction and below a forecast of 49.4.
A contraction in Chinese manufacturing activity in May sent tremors through international markets on Wednesday, heightening concerns about a weak rebound in economic activity as China reopens from its Cocid-19 pandemic restrictions.
Hong Kong market flirts with bear territory as China manufacturing decline erodes investor faith in economic recovery
Hong Kong stocks fell but avoided ending the day in bear-market territory after a government report showed manufacturing in China continues to contract, sparking renewed concerns over the nation's wobbly economic recovery. The Hang Seng Index finished down 1.9 per cent to 18,234.27 at the close of Wednesday trading after tumbling as much as 3 per cent during the day. The gauge has declined 19.6 per cent from a January 27 high, just shy of the 20 per cent threshold for bear-market status. The Tec
Investors are anticipating the outcome of US debt vote and digesting the latest economic data from China.
Investing.com -- Hong Kong’s Hang Seng index entered bear market territory on Wednesday, with China-exposed stocks weighing the most as weak economic data from the mainland raised more doubts over a reopening-led recovery this year.
Investing.com -- Asian stocks sank on Wednesday, with Chinese markets leading declines as manufacturing activity shrank for a second straight month, while broader sentiment remained on edge ahead of a vote to raise the U.S. debt ceiling.
Investing.com -- Australian consumer price index inflation rose more than expected in April amid stubbornly high fuel and housing prices, likely inviting more interest rate hikes by the Reserve Bank in the coming months.
Yahoo Finance Live's Rachelle Akuffo discusses China's economy amid the country's COVID recovery, as well as Elon Musk and Jamie Dimon visiting China this week.
Yahoo Finance markets reporter Jared Blikre breaks down the market amid the tentative debt ceiling deal and the upcoming Fed meeting.
European stocks and the U.S. dollar fell, after climbing to a two-month high, on Tuesday as relief that the U.S. government had averted a possible default gave way to concern that the deal could face a rocky path through Congress. But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican lawmakers said on Monday they would oppose the bill, though it is expected to pass.