China Credit Stress Eases, With Local Defaults Falling Despite Raging Property Crisis bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.
Asian markets followed Wall Street lower Wednesday as the wind came out of the latest rally, with traders jolted by the downgrade of US sovereign debt, soft economic data and concerns about elevated valuations.Earlier, all three main Wall Street indexes dropped after news that US factory activity shrunk in July for the ninth consecutive month, hinting at softness in the economy.
Asian Markets Drop As US Downgrade Jolts Latest Rally ibtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ibtimes.com Daily Mail and Mail on Sunday newspapers.
However, high hopes that the Federal Reserve was at or near the end of its interest rate hiking cycle and a still-resilient economy meant the mood on trading floors remained broadly upbeat, analysts said.