FTSE retreats towards 6,500 after heavy sell-off in Japan

clock

London's leading share index has started the week firmly lower, with global sentiment knocked by worse than expected Chinese manufacturing data which had already sparked yet another slump for Japan's stock market.

China's manufacturing industry, one of the biggest drivers of economic growth for the country, contracted in May due to deteriorating demand. The country's manufacturing purchasing managers' index (PMI) stood at 49.2 for May, worse than the initial 49.6 estimate, and below April's 50.4 reading. Any reading below 50 means the sector is contracting. The disappointing data weighed on Asian markets overnight, prompting another sharp fall for the Nikkei which fell 3.7% to 13,261 amid fears a slowdown in Chinese manufacturing could derail global growth. This morning losses have been m...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read
Why the Bank of England needs to stop over-sharing

Why the Bank of England needs to stop over-sharing

'We are used to the comments of central bankers moving markets'

Laith Khalaf
clock 17 October 2024 • 4 min read