(Bloomberg) — European stocks fell and the dollar strengthened as a fresh set of downbeat data from the euro area and China underscored the relative resilience of the US economy.
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The US currency gained as much as 0.5% against its Group-of-10 peers, touching the highest level since March. Treasuries fell in the first day of trading after Monday’s holiday. Europe’s Stoxx 600 traded down 0.2% after paring a drop of as much as 0.8% and S&P 500 futures pointed to a retreat at the Wall Street open.
China’s services sector saw the slowest growth this year in August, an industry survey showed, adding to evidence the economic recovery is losing traction and damping earlier optimism over government stimulus. In Europe, the composite purchasing managers’ index undershot expectations, posting a contraction for a third straight month.
“There is real concern for the euro-area picture, with survey data suggesting the economy is sliding into recession,” said Sarah…
2023-09-05 06:09:26
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