MARKETS TUMBLE ON MOUNTAIN OF BAD NEWS: Here’s What You Need To Know
Bad economic data from around the world.
First the scoreboard:
Dow: 13,046.1, -78.4, -0.6%
S&P 500: 1,392.7, -10.1, -0.7%
NASDAQ: 3,063.3, -12.0, -0.3%
And now the top stories:
The bad news pile-on started overnight when China announced that its HSBC Flash manufacturing PMI number came in at 48.1, down from 49.6. A reading below 50 signals contraction. This was unwelcome news, especially following BHP Billiton’s comments earlier this week that iron ore demand was flattening in China. Here Are The Key Slides From BHP Billiton’s Presentation >
The global market sell-off only deteriorated after the Markit published the eurozone PMI numbers. The composite number fell to 48.7 from 49.3 in February. Economists were expecting the figure to increase to 49.6. Germany’s number was particularly disappointing, falling to 48.1; economists were forecasting 51. The euro and European markets tumbled with Germany’s DAX closing down 1.3 percent.