Markets are moving today with stocks tumbling 1% early in the U.S. trading session.
Global markets went into risk-off mode overnight following the release of disappointing flash manufacturing Purchasing Managers Index survey data, which suggested that Chinese manufacturing may unexpectedly contract this month.
“We expect more soft data prints ahead, as the impact of slowing credit growth seeps through to the real economy,” said Societe Generale’s China economist Wei Yao.
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