Global shares retreated to one-month lows on Wednesday after U.S. manufacturing ...
TOKYO - Global shares retreated to one-month lows on Wednesday after U.S. manufacturing activity tumbled to more than a decade-low, sparking worries that the fallout from the U.S.-China trade war is starting to spread to the U.S. economy.
MSCI’s gauge of stocks across the globe .MIWD00000PUS, covering 49 markets, stood near its lowest level since early September after shedding 0.83% in the previous session. The data came after euro zone manufacturing data showed the sharpest contraction in almost seven years. The poor data lifted the Fed funds rate futures price sharply, with the November contract FFX9 now pricing in about an 80% chance the U.S. Federal Reserve will cut interest rates this month, compared to just over 50% before the data.
In the currency market, the U.S. dollar slipped from Tuesday’s two-year high against a basket of currencies as the ISM survey has shaken the notion that the U.S. economy will withstand the escalating trade war., having bounced off a near 2 1/2-year low of $1.0879 hit in European trade., having hit a 10 1/2-year low of $0.6672 the previous day after the Reserve Bank of Australia cut interest rates and expressed concern about job growth.
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