Global stock markets declined Thursday on weak economic data in Europe and Asia and as Chinese trade tensions with Washington and Australia worsened.
Investors were also looking ahead to Friday's meeting of China's legislature for details of possible new steps by Beijing to stimulate its virus-battered economy.
A survey of business managers in the eurozone showed that activity continued to shrink at a rapid pace in May, despite a slight pickup from the historic plunge in April. The publishers of the survey, IHS Markit, said it indicates a 9% drop in GDP this year, with a recovery likely to take years. Investors are "trying to make heads or tails of the recent China trade spats with the U.S. and Australia," Stephen Innes of AxiCorp said in a report.
In Asia, the Shanghai Composite Index lost 0.6% to 2,867.92 and the Nikkei 225 in Tokyo declined 0.2% to 20,552.31. The Hang Seng in Hong Kong lost 0.5% to 24,280.03. Investors are looking to Premier Li Keqiang's speech to China's ceremonial legislature Friday for details of Beijing's spending plans to speed up economic recovery.
"Renewed trade tensions between the U.S. and China could weigh on markets in the coming months," Esty Dwek of Natixis IM said in a report. "Higher volatility is likely, especially as `tough on China' will clearly be a large part of Trump's re-election campaign."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global Emissions Drop During Pandemic, But Canada Still Lags: Study“Personal choice alone can’t do it,” one of the study's co-author says.
Read more »
Virus slowdown pushes global carbon emissions to 14-year lowSome of the behaviour seen during the COVID-19 lockdown could inform future policy, such as giving people incentives to work from home
Read more »
World to Canada: You’re raising your carbon tax during a global pandemic?Opinion: With carbon tax burdens declining around the globe, walking back the recent carbon tax hike should be a no-brainer for our federal government
Read more »
Global carbon dioxide emissions could fall by up to 7 per cent this year, study showsGlobal carbon dioxide emissions could fall by up to 7 per cent this year, study shows GlobeBusiness
Read more »
WHO chief defends agency’s role, vows to continue leading global fight against coronavirus pandemicTedros Adhanom Ghebreyesus’s comments come after the United States again caused ripples by withholding full support for a resolution on the pandemic
Read more »
Brazil coronavirus outbreak worsens as country closes in on No. 2 spot in global casesPresident Jair Bolsonaro has been widely criticized for his handling of the outbreak
Read more »