Global Stock Market Commentry by MarketMagnify
Asian stocks tumbled on Thursday and the yen firmed as a survey painted a grim picture of China’s manufacturing sector, heightening uncertainty about the outlook for the region’s economic powerhouse. Equities were already on the back foot after minutes of the Federal Reserve’s latest policy meeting showed it remained on track to taper its stimulus.
The preliminary China Purchasing Managers’ Index (PMI) from HSBC/Markit for February fell to a seven-month low of 48.3 in February from January’s final reading of 49.5, as employment fell at the fastest pace in five years.
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