Global Stocks, Emerging Markets Fall on China Data
Stocks and global emerging markets sold off sharply on Thursday on disappointing Chinese manufacturing data and weak company earnings, while the euro rose against the dollar after upbeat survey results on the euro zone’s private sector. European shares retreated from their multi-year highs hit earlier in the week amid caution about global growth trends. The MSCI emerging equities index fell 1 percent to its lowest level in nearly two weeks. Selling occurred in emerging currencies, as well, with the Turkish lira earlier touching a record low and Argentina’s peso down 17 percent. The slide extended to commodities, with the London-traded Brent crude oil dipping below $108 a barrel, after weak data from the world’s top two oil consumers revived worries about the outlook for demand.